Lancaster County PA May 2011 Home Sale Market Report

Lancaster County PA May 2011 Home Sale Market Report

The following report has been released by the Lancaster County Association of Realtors® (LCAR).  According to findings by Zillow.com & published by Forbes.com, Lancaster PA has made the top 10 list of best places to buy a home right now - due to its low unemployment, affordable homes, low taxes, and high quality of life!

    Lancaster PA Makes Top 10 Places to Buy a Home Right Now

LANCASTER - According to a report released today by the Lancaster County Association of Realtors® (LCAR), 336 homes sold in April of this year, a 15.6 percent decrease from the 398 sales in April 2010 when the government-sponsored tax credits were impacting the market.

During the first four months of the year, there was a 7.8 percent decrease from the 1,157 sales in 2010 to 1,067 in 2011.  Pending sales, homes that went under contract in the month of April, decreased 37.7 percent from 647 in 2010 to 403 in 2011. Over 41 percent of homes that sold in April were on the market 60 days or less.

The $167,119 average sale price for April 2011 is a 5.5 percent decrease compared to the April 2011 price tag of $176,813. The median sale price for the month in 2011 is $154,900 versus$168,000 for April 2010 (half of the properties sold during this period sold above that number, and half sold below). When comparing April 2001 to 2011, the average sale price increased 36.7 percent from $124,238 in 2001.  There was a 12.2 percent decrease in the number of new listings from 964 in April 2010 to 846 in April 2011.

"Our local real estate market never saw the drastic run-up that various locations throughout the country did, and that means that we aren't seeing the dramatic market corrections that those same places continue to struggle with," said LCAR president, Glenn Yoder. "Statistical numbers are a challenge right now because of comparing the artificial stimulus of last year's tax credit with no government assistance this year. What we do know is that mortgage rates are fantastic, there is a great selection of homes out there; and if we can just get the buyers and sellers to each compromise somewhat on their expectations, we will see quite a rebound due to pent-up demand."

Yoder further commented, "Forbes.com recently published findings by Zillow.com to rate the Top 10 best places in the United States to buy a home right now, and Lancaster ranked number eight on that list. The factors used as gauges included affordability, the unemployment picture, the foreclosure situation and year-over-year housing price trends."

LCAR, representing over 1,400 members involved in all aspects of the real estate industry, is one of more than 1,800 local associations nationwide which comprise the National Association of Realtors®.