The latest Lancaster County Association of Realtors report has come out today - for the 2nd quarter 2007. The report has the following statistics:
- 1,526 Homes sold in 2007 versus 1,690 = a 10% drop.
- 2,706 new listings in 2007 versus 2,489 in 2006 = a 9% increase.
- Average sales price for 2007 was $198,600 versus $189,690 in 2006 = a 5% increase.
The comments by our association president admitted that the sales have slumped recently, but the higher average sales price shows a trend towards a healthier Lancaster Real Estate market.
Sales in certain price categories for June caught my eye. For example:
- Homes in the $80-90K bracket doubled in sales from 2006 to 2007.
- Homes in the $180-199K bracket jumped from 60 to 72.
- Homes in the $300-400K bracket fell precipitously from 61 to 47.
- Homes in the $250-300K bracket fell from 61 to 47.
What does this tell us? I'd venture that homes in the lower priced brackets - under $100 up to $200K detached homes - are doing OK and the higher average price might indeed be a help to sellers. Buyers will pay more for homes that are in desirable areas and in great condition. On the other hand, middle high-end homes are suffering.
We'll see what the summer brings us.
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For Lancaster PA homes for sale click here. Jeff Geoghan is a top real estate expert in Lancaster County, PA, and an involved community member. Jeff's work has been featured in the Lancaster Newspapers, WGAL Channel 8, PA Business Journal and Wall Street Journal. Jeff's blog on Lancaster County and its homes is nationally-featured. Contact Jeff for more help with your Lancaster PA Real Estate needs.
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