Lancaster County PA Realty Check: Lancaster County PA Home Sale Market Report

Lancaster County PA Home Sale Market Report

Lancaster County PA Home Sale Market Report

LCAR, the Lancaster County Association of Realtors®, releases a monthly report of the latest home sale statistics gathered for Lancaster County, PA.  Following is the latest report, indicating that the number of sales this January is close to the number of sales last January.  However, the number of new listings is down over 15%.  This might be a leading indicator that the surplus of houses on the market in Lancaster may be ebbing, which could firm up prices.

January 2011 vs. January 2010 - Similar Home Sales Numbers

LANCASTER - According to a report released today by the Lancaster County Association of Realtors® (LCAR), 206 homes sold in January of this year, a 0.5 percent decrease from the 207 sales in January 2010.

Pending sales, homes that went under contract in the month of January, changed marginally from 303 in 2010 to 301 in 2011. Over 44 percent of homes that sold in January were on the market 60 days or less.

The $176,352 average sale price for January 2011 is a 6.2 percent decrease compared to the January 2010 price tag of $188,107. The median sale price for the month in 2011 is $169,900 versus $165,000 for the first month of 2010 (half of the properties sold during this period sold above that number, and half sold below). The difference in average sale price can be largely explained by the fact that in 2010 there were 11 homes that sold at $400,000 or more; in 2011, there were only 4 homes. When comparing January 2001 to 2011, the average sale price increased 45.2 percent from $121,443 in 2001. There was a 15.3 percent decrease in the number of new listings from 759 in January 2010 to 643 in January 2011.

"Lancaster real estate agents are reporting that activity is picking up with more calls and increased traffic at open houses; plus the January numbers this year are very similar to 2010," said LCAR president, Glenn Yoder. "That is very encouraging news, because the numbers this year stand alone without the influence of the government sponsored tax credit program that continued to be in play for the first four months of 2010."

 

 

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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Comment balloon 3 commentsBrian Schulman • March 03 2011 03:49PM

Comments

Great report Brian. It looks like prices are still dropping ??? It does feel like there is more 2011 activity !

Posted by Michael J. Perry, Lancaster, PA Relo Specialist (KW Elite ) about 7 years ago

Brian - Great market report for Lancaster County PA.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) about 7 years ago

Mike - It does seem like things are picking up a bit.  With fewer listings out there, we may have hit the bottom, and prices will be somewhat firmer.  I hope that rising gasoline prices don't inhibit the recovery.

Michelle, thanks for stopping by! 

Posted by Brian Schulman, Lancaster County PA RealEstate Expert 717-951-5552 (Coldwell Banker Residential Brokerage, Lancaster PA) about 7 years ago

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