Hidden Valley, PA 2009 Real Estate Market Review

We had hoped that the increased sales that we saw after the Buncher group purchased the resort in 2007 would begin a new trend. Unfortunately the economy, increased inventory, and declining prices at Seven Springs have derailed our expectations.

 In 2008 there were 80 recorded resale transfers. In 2009 there were only 48. Reviewing the chart below you can see what a tough year this was and how much further up it can go!!

Year 2004 2005 2006 2007 2008 2009
# of Resales 156 155 84 79 80 48

The average sales price here has also declined. In 2008 it went from $225,266 to $210,700 in 2009. When you look around the US at other resort areas and the hits they have taken on prices both of our Pennsylvania Resorts are holding their own! 

Only one of the new South Ridge Place condos has transferred. Active listings total 98 with several properties headed into their second year on the market. Our advice is the same on this side of the mountain; make sure you are working with a designated agent!

The Pittsburgh market has come around and that should mean the resort markets will be following. With the stats we watch we believe that this year may very well be the upturn SELLERS have been awaiting. In other words if you are a buyer, NOW is the time to get into your mountain home!

Buyers have great selection with 98 active listings at Hidden Valley and 87 at Seven Springs.  Many floor plans offer at least two properties to select from with interior merchandising and location being key factors in the buyers’ decision making process.

If 2010 is our turn around then buyers will begin to see falling inventory which means fewer choices! Know that once inflation kicks in the interest rates will start to climb! We share much more in depth statistical information with our clients. We know it gives them a strong competitive edge as 53% of our 30 listed residential properties from 2009 were either SOLD OR PLACED INTO AN AGREEMENT THAT’S WAITING TO SETTLE!!!

We know for a fact that that more and more people are finding what we already know, that the Laurel Highlands offers incredible YEAR ROUND ACTIVITIES!!


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