A Few Bright Spots in Local Lancaster County PA Real Estate Market
LANCASTER—According to a report released by the Lancaster County Association of Realtors® (LCAR), the 309 homes sold in November is a 1.9 percent decrease from the November 2010 mark of 315. For January through November of 2011, there have been 3,600 sales, a 4.6 percent decrease from 3,773 units during the same period in 2010.
The average sale price for November 2011 is $171,523, a decrease of 4.2 percent from the November 2010 price tag of $178,997. The five-year average sale price for the month of November is $178,175. The median sale price for November of 2011 is $157,000 compared to $164,900 in November 2010 (half of the properties sold during this period sold above the number, and half sold below).
For November, there were 555 new listings in 2011, a 32.5 percent decrease from the November 2010 new listings of 822. The five-year average of new listings for November is 609.
Pending sales, homes that went under contract in the month of November, increased 16.0 percent from 307 in 2010 to 356 in 2011. Over 43 percent of homes that sold in November were on the market 60 days or less.
“The bright light is that pending sales continue to trend upward (six of the last seven months). A drop over the last four months in the number of new listings is also an encouraging sign that the market is improving,” said LCAR president, Glenn Yoder. “Although 2012 will not be a record-breaking year, we do anticipate a steady return to a healthier local housing market.”
Lawrence Yun, NAR chief economist, said improved contract activity is a hopeful sign. “Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows,and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this indicates more buyers are taking advantage of the excellent affordability conditions,” he said. “Many consumers are recognizing that home buyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market.”
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®.