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Lancaster County Real Estate Market Report December 2007

By
Real Estate Agent with Prudential Homesale Services Group

Homes are still selling in Lancaster County, PA.  On December 7 I searched in the Lancaster County MLS and learned the following:

Nov 1 through 30      # Under Agreement             # Settled

2007                            334                              398      

                        (-26.1% from 2006)            (-16.0% from 2006)

2006                            452                              474

2005                            420                              505

2004                            428                              519

2000                            375                              389

 

As of December 7, 2007 Active listings totaled 2,509 in the MLS for Lancaster County (down slightly from 2,594 in November), Under Agreement listings totaled 606 (down from 709 in November), resulting in a ratio of 24.15%. (vs. November ratio of 27.33%) 

 

A verbal report from Las Vegas, NV indicates they have 1,500,000 people and 24,000 properties for sale.  In Lancaster we have nearly 500,000 and 2,500 listings.  We have a much more normal level of strength in our local market.

 

We are still seeing the stock market have sizable fluctuations almost daily.  This is still largely because of the mortgage market problems we began hearing about in the spring.

 

Mortgage rates have not increased significantly.  In fact they have been down recently.  At a recent meeting someone mentioned that interest rates were at a 2 1/2 year low.  Lenders are still making loans.  They are requiring borrowers to be better qualified, but interest rates have not spiked up.

 

It is a great time for buyers.  Taking advantage of the low interest rates will be beneficial for a buyer for many years.  That, combined with the lower competition with other buyers in bidding on houses, offers a much more balanced environment than we saw around the spring of 2004.

 

Someone purchasing a house with a mortgage of $200,000 at an interest rate of 6% for 30 years will have a principal and interest payment of $1,199.10.  If their rate is 7% the monthly payment will increase $131.50, which over 30 years adds $47,341.42 to the cost of home ownership.

 

Prepared by:

 

J. Merle Sollenberger, GRI, CRS, Associate Broker, Realtor®

Coldwell Banker HomeSale Services Group

150 North Point Boulevard, Lancaster, PA 17601

717-560-9100     http://www.msollenberger.com/        msollenberger@topproducer.com

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