Lancaster County Real Estate Market Report July 7, 2010

By
Real Estate Agent with Prudential Homesale Services Group

Here are the numbers from my July 7, 2010 searches in the Lancaster County MLS:

                 Active Listings   UA Listings   Ratio     Prior year Ratio
Jul 7, 2010       3,409               582      17.07%       28.83%
Jun 4, 2010      3,310               830      25.08%       28.62%
May 7, 2010     3,301            1,040      31.51%       28.15%
Apr, 7, 2010     3,344               830      24.82%       22.44%                (keep in mind that this is useful
Mar 7, 2010      3,089               666      21.56%       19.38%                in watching trends emerge and
Feb 6, 2010      2,931               554      18.90%       16.37%                change in the market)
Jan 7, 2010      2,772               413      14.89%       16.05% 

The July 2010 issue of the Lancaster County Association of Realtors® publication House Calls reports that Pending Home sales in May 2010 dropped to 280 from 461 a year ago- a 39.2 percent decrease.  The Days on Market is also creeping down slightly.   House Calls also reports that 60% of the homes and condos sold in May were on the market for 60 days or fewer.

The following table illustrates the trend for the number of properties going under agreement over the last 6 months and compares that to the same period in 2009.

(Number of listings that went UA in the Lancaster County FLEX MLS.)
Month  2009    2010     % change
Jan       277      310      +11.9%
Feb       309      339      +9.7%
Mar       422      518      +22.7%
Apr       477      648      +35.8%
May      461      284      -38.4%
Jun       459      327      -28.7%

This table shows a 38.4% decrease in number of properties going under agreement in May 2010 and a 28.7% decrease for June 2010.  This is likely due to the ending of the $8,000 tax credit for purchases on or before April 30, 2010.  With this information, it appears that we will see a reduction in the number of settlements in July and August 2010.

Interest rates are near historical lows and there is a great selection of homes on the market, making now a great time for buyers to purchase a home. (Selling a home is still better in Lancaster County than you might think considering all of the bad national news.)  Waiting and purchasing after interest rates increase will increase the monthly payment buyers will need to pay each month, and the accumulation of that extra amount over the life of the mortgage can add up to a significant amount.  Current rates can be below 5% in some situations.  Check with Doug Shand at my office, or see www.homesalelending.com for more information.

If you know someone who is thinking of buying or selling, please recommend they call me.  I'll also be happy to contact them if that is appropriate.        By the way, I'm never too busy to take great care of clients you refer to me.

 

Prepared by:   J. Merle Sollenberger, GRI, CRS, Associate Broker, Realtor®
Prudential Homesale Services Group
150 North Pointe Boulevard, Lancaster, PA 17601
717-560-9100
My Website:     www.msollenberger.com 
My E-mail:       msollenberger@topproducer.com

Licensed in PA

Feel free to visit me on Facebook.com, LinkedIn.com, or Twitter.com.

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Merle J. Sollenberger

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