Lancaster County Market Reflects Some "Post-Tax Credit" Gains
LANCASTER, PA -According to a report released April 18 by the Lancaster County Association of Realtors® (LCAR), the 731 homes sold in the first quarter of 2011 is a 3.7 percent decrease from the first quarter 2010 mark of 759. This year there were 214 sales in January, 234 in February and 283 in March; this compares to 207 in January of 2010, 205 in February and 347 in March. The five-year average of first quarter home sales is 881.
The average sale price for the first quarter of 2011 is $170,772, a decrease of 8.6 percent from the first quarter 2010 price tag of $186,894, and a 38.9 percent increase from the $122,935 sale price in the first quarter of 2001. The five-year average first quarter sale price is $179,308. The median sale price for the first quarter of 2011 is $159,900 compared to $166,000 during the same time period in 2010 (half of the properties sold during this period sold above the number, and half sold below).
For the first quarter, there were 1,998 new listings in 2011, an 11.2 percent decrease from the firstquarter 2010 new listings of 2,249. The five-year average of new listings for the first quarter is 2,110.
Pending sales, homes that went under contract in the month of March, decreased 19.5 percent from 517 in 2010 to 416 in 2011. Nearly 40 percent of homes that sold in March were on the market 60 days or less.
"There seems to be somewhat of a disconnect at this point between the overall activity versus getting transactions to the settlement table," said LCAR president, Glenn Yoder. "Agents report they are busy handling inquiries, phone calls and increased open house traffic; but it's difficult to get buyers and sellers to meet in the middle with their expectations and move the transaction forward."
Yoder further commented, "The numbers are interesting right now . . . for the first quarter price category of sales under $200,000, we are actually 3.1 percent ahead of 2010 (529 versus 513). However, for homes priced at $200,000 and greater, we are 17.9 percent behind the 2010 sales mark (202 versus 246). That goes a long way toward explaining the decrease in our average sale price. The encouraging news is the fact that our first quarter settled units are less than 4 percent behind the first quarter 2010 sales when the government-sponsored tax credits were in effect."
Eugene Hoover, sales manager at Gateway Realty, said, "We all need a place to call home. Buyers are seeing the advantage of current low interest rates, affordable prices and a wide selection of homes. Conditions are ideal for buyers to make a wise investment while gaining a home that meets their needs."
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®.
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