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. 

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.