Here are the numbers from my September 8, 2009 searches in the Lancaster County MLS:
Active Listings UA Listings Ratio Prior year Ratio
Sep 8, 2009 2,884 773 26.80% 24.12%
Aug 7, 2009 2,805 791 28.20% 25.04%
Jul 7, 2009 2,761 796 28.83% 29.17%
Jun 5, 2009 2,844 814 28.62% 33.26%
May 7, 2009 2,845 801 28.15% 34.95%
Apr 4, 2009 2,861 642 22.44% 32.03%
Mar 7, 2009 2,812 545 19.38% 31.00%
Feb 4, 2009 2,730 447 16.37% 24.62%
Jan 3, 2009 2,660 427 16.05% 21.29%
This table shows the ratios of the number of properties currently under agreement divided by the number of properties actively on the market for 2008 and YTD 2009. The January through June time period had lower ratios in 2009 than we saw in 2008. However, in July the gap narrowed and in August and September has reversed, and activity is now stronger than last year. The Lancaster County Association of Realtors reported in The Lancaster New Era and Intelligencer Journal on August 28, 2009 that there was a 25.3% increase in the number of homes going under agreement in July 2009 over July 2008.
The Lancaster County Association of Realtors publication, House Calls, reports in the September 2009 issue that settled units, where the home has transferred ownership, was down 3.3% in July 2009 over July 2008. Pending home sales for July 2009 have increased over 2008 by 25.3%. The Pending home sales increase points to future months of increased settled units, possibly in August, September, and October.
Time is running out on the $8,000 First Time Home Buyer Tax Credit? People thinking of buying their first home really should be aware of this and carefully consider the impact of not acting to take advantage of this. To take advantage of this, you need to purchase (and settle on) a house prior to the end of November 2009. That means buyers need to be under agreement on a property before mid-October. With the increasing length of time the mortgage process may take, a safer path may be to be under agreement in late September. There is a possibility the Tax Credit may be extended, but the Cash for Clunkers program was not extended, and the $8,000 Tax Credit may also not be extended.
Thank You!
Prepared by: J. Merle Sollenberger, GRI, CRS, Associate Broker, Realtor®
Prudential Homesale Services Group
150 North Point Boulevard, Lancaster, PA 17601
717-560-9100 www.msollenberger.com msollenberger@topproducer.com
Licensed in PA
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