Lancaster County PA: Home Sale Market Report - 2011 August
The Lancaster County Association of Realtors has just released a report covering the second quarter home sales statistics for Lancaster County:
Local Home Statistics Show Positive Signs Heading Into Third Quarter
LANCASTER—According to a report released today by the Lancaster County Association of Realtors® (LCAR), the 1,117 homes sold in the second quarter of 2011 is a 24.2 percent decrease from the second quarter 2010 mark of 1,474. This year there were 345 sales in April, 384 in May and 388 in June; this compares to 398 in April of 2010, 485 in May and 591 in June. The fiveyear average of second quarter home sales is 1,379.
The average sale price for the second quarter of 2011 is $174,256, a decrease of 5.4 percent from the second quarter 2010 price tag of $184,235, and a 32.5 percent increase from the $131,542 sale price in the second quarter of 2001. The five-year average second quarter sale price is $187,202. The median sale price for the second quarter of 2011 is $163,000 compared to $172,000 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 second quarter, there were 2,457 new listings in 2011, a 3.8 percent increase from the second quarter 2010 new listings of 2,367. The five-year average of new listings for the second quarter is 2,412. Pending sales, homes that went under contract in the month of June, increased 35.6 percent from 326 in 2010 to 442 in 2011. Over 54 percent of homes that sold in June were on the market 60 days or less.
“The tax credits last year drastically impacted the statistics, and there is no way you can compare apples-to-apples at this point,” said LCAR president Glenn Yoder. “The numbers that everyone is really anxious to see are the third quarter ones where the playing field will be level once again, and we can better gauge how the local market is actually doing with no stimulus programs or incentives.”
Yoder further commented, “There are two very encouraging signs, however, in the current numbers that we think will continue a positive trend into the third quarter. The first is that the average sale price for June— $185,075 was only a 3.7 percent decrease from last June’s price tag . . . the first time this year we’ve seen a monthly average sale price in the 180’s. The second positive is the dramatic uptick in pending sales of 35 percent for June.”
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®.
Year Over Year Pending Home Sales
Pending Home Sales—June 2011
Pending home sales are today’s leading indicator in evaluating the most current real estate sales activity. The monthly pending home sale numbers include those homes that went under contract in that given month. Using pending home sale numbers provides the most current activity in the previous month.
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