Lancaster County Real Estate Market Report August 6, 2010

Real Estate Agent with Prudential Homesale Services Group

Here are the numbers from my August 5, 2010 searches in the Lancaster County MLS:

                 Active Listings   UA Listings   Ratio     Prior year Ratio
Aug 5, 2010     3,475               608      17.49%       28.20%
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%

In reviewing the numbers appears the market has lost some strength and activity in the last two months.  Showing activity has been lower lately for me and for other agents as well.  But, there are still people looking at homes and making purchase choices.  They are doing this because of changes in their life that require moving.  These changes are related to job changes, families growing or shrinking, and other motivations.  The people that are buying are happy with the interest rates they are finding in the market.  The lower rates help keep their monthly payments lower or enables them to purchase more home.  It may be less active right now than other years, but the hot summer will soon be over, children will be back to school, and summer vacations will be memories.

 Recently, I learned of some industries seeing a surge in orders, increasing hours that employees are working, and showing profitability in their financial reports.  This is good news for our economy and for employment.  Someone said that "in every expansion of the economy are the seeds for a contraction, and in every contraction are the seeds for an expansion." 

We have an interest rate chart prepared by our Homesale Lending people that illustrates interest rate levels over the past almost 40 years.  With the low levels of rates and the quantity of available homes, now is a great time to buy.  The currently low rates help both buyers and sellers accomplish their objectives of finding a different home.  If you would like to see the chart, please e-mail me. 

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

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