For a long time Lancaster County, PA home sales had been slowing, but with increased median prices. However, for the latest available report from the Lancaster County Association of REALTORS, the average sales price in April was $181,510, down 8.9% from the average price of $199,250 in April 2007.
In addition to the weakened average price, only 388 homes sold in April, a whopping 20.9% decrease from the 490 homes settled in April 2007.
On the positive side, new residential listings were actually down to 894, from 906 last April. This indicates that excess inventory is not getting worse.
What does this mean for the real estate consumer?
1) Sellers are getting realistic. Serious sellers are pricing their homes competitively, knowing that buyers have many other choices to look at.
2) Non-serious sellers are taking their homes off the market, or not listing them in the first place. This is not the time to "test the waters".
3) This is a great time to be a buyer! Not only are prices lower, but interest rates are low and there is a large variety of homes to choose from.
4) This is a great time to trade up! For every $1.00 you don't make on your old house, you'll save $1.50 to $2.00 on your new home!
If you would like more information on the Lancaster County housing market, please call (717) 951-5552 or email brian@FindLancasterHomes.com .
Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA. To learn more, visit http://www.FindLancasterHomes.com/
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