condo inventory and sales in downtown PA

Something for you sellers to keep an eye on: We've got 14 condo listings right now in downtown PA--It's important to see what happens with these as it relates to sales price per sq foot. Last Spring, a remodeled unit in downtown PA was going anywhere from 770 a sq/ft to high 800's a sq/ft (in the newer buildings). 

Right now, if you take away the high and the low (and substract the two listings in the 55+ Byron building) you are looking at sellers trying to get around 750 a sq/ft for their units. However, until we start seeing some actual closed sales we won't know if that's the right number. I know several sellers who are looking for some comps that they can "grasp on to" to get a better handle on what their unit is worth TODAY. It doesn't do them any good to look at what units sold for last Spring. 

As I said, let's pay close attention to what these 14 listings do. Several are starting to see their "days on market" pile up. Will we see some sales? Price drops? Stay tuned....