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It's time this month to revisit the numbers for Lancaster County PA homes...

June 2009 was actually pretty good. The overall downward trend (contraction) in home sales continued year-over-year, but this June was a decent rebound considering the low low back in January 2009.

Where's the good news?  Pending sales are up from last year despite a drop in new listings.  That means that buyers are making offers.  Most importantly, the new listing price average dropped by almost 10% over 2008 - and the "price gap" I've tried to focus attention on reached a three-year low.  That means that sellers are really getting the message (and listing agents too) that to sell requires realistic pricing.  I hope the gap stay this low - houses will continue to sell more quickly this way.

This next chart just shows the history of home listings and sale in Lancaster County since 2007.  I added some "color comments" to point out significant market turns.  You can see how the June sold numbers have contracted steadily since 2007 but that this June represented a decent bump...That means that the Lancaster home market is not "taking a beating".

My last chart for this post is a 3-year look at average home prices in Lancaster County.  You'll see how the "price gap" has closed nicely this spring and I sure hope it'll continue.  The Seasonally-adjusted (12 month average) price of both new listings and sold homes is coming down slowly.  That means that the market is correcting across the board.  How far will things drop?  The fall has been about 6% so far.  I would predict another 6% before prices level off. 

Lancaster PA home prices market

So, I'm pretty OK with the June Lancaster Home Market.  If you'd like a personalized market analysis for your home feel free to drop me an email at info@yourlancasterhome.com. 

 

 
This post has been included in Pennsylvania Real Estate News Lancaster County, PA Real Estate News
Post is included in group: Posts to Localism
Post is included in group: Realtors®

2 Comments on Lancaster PA Real Estate - June 2009 Home Market Review

JUL
07
2009

Jeff, great analysis. Its nice to have real data presented for us nerdy numbers folks. I personally like the price gap analysis. I think its a great indicator that sellers are motivated and buyers have an opportunity to strike a good deal. Well done!

 

5:52pm • #1
781,660 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good to hear that things are improving Jeff. I hope the trend continues for you.

9:07pm • #2

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Jeff_geoghan_2006smile Rainmaker_large

Jeff R. Geoghan - Marketing Evangelist and VP

Lancaster, PA

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Coldwell Banker Select Professionals

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