Lancaster County PA Real Estate Market Update - May 2013

By
Real Estate Agent with Coldwell Banker Residential Brokerage, Lancaster PA RS134746A

 

The Lancaster County Association of REALTORS (LCAR) has released their latest market report.  The most recent figures are for March and the first quarter of 2013.  There were 929 sales in the first quarter, up 6.1% from the 876 units sold in the first quarter of 2012.

 

The average sale price for a Lancaster County home in March was $172,493, an increase of 2.3% over the March 2012 price of $168,628.  For the first quarter of 2013, the average sale price was $176,263, up 3.2% from March the previous year.

 

 The median sale price (half the properties sold below the number; half above) for March 2013 is $160,000, as opposed to $155,000 in March 2012.  Those comparable figures were the same for the first quarter as well.

 

 For March, the number of new listings decreased 11.9% from 817 in March 2012 to 720 in March this year.  For the first quarter, new listings decreased 8.3%, from 2,161 in March 2012 to 1981 in March 2013.  This indicates a tightening of inventory, and a shift from a market which has been clearly tilted toward buyers, to one that is somewhat more balanced between buyers and sellers.

 

The National Association of REALTORS Chief Economist Lawrence Yun said, “Momentum continues to build in the housing market from growing jobs and a bursting out of household formation.  With lower rental vacancy rates, combined with still historically favorable affordability conditions, more people are buying homes.”

 

A poll of local lenders revealed an average commitment rate of 3.38% on conventional 30-year loans, and 2.65% for 15-year conventional loans as of April 30.  I’ve been in the business for many years and have never seen rates like this!

 

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Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA.  To learn more, visit http://www.FindLancasterHomes.com/

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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Good to see positive trend in your Lancaster market when compared to same time last year.

Have a great weekend.

May 10, 2013 03:05 PM #1
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Bobbie Smith
Stroudsburg, PA
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Nice report Brian. Hope these positive trends continue.

May 10, 2013 10:15 PM #2
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Hi Jennifer, I hope your beautiful Hudson Valley area is doing well, too!

May 11, 2013 12:10 AM #3
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Bobbie, I hope the Pocono Mountain area is thriving, too!

May 11, 2013 12:12 AM #4
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Brian - Thank you for the very good information about Lancaster County, Pennsylvania real estate market update May 2013.

May 11, 2013 12:43 AM #5
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

John, thanks for stopping by.

May 11, 2013 01:53 PM #6
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Brian, looks like Lancaster is enjoyng a vibrant real estate market and hope this trend continues through the summer.

Jun 03, 2013 10:52 PM #7
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Joan, I'm in total agreement with you - let's hope all our markets stay on an upswing!

Jun 04, 2013 12:13 AM #8
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Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Join the club, Brian.  Low inventory and pent-up demand.  Hopefully sellers will take note.

Jun 10, 2013 04:18 AM #9
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Jane, it may take a while for more areas to catch up, but we certainly seem to be in a trend.

Jun 10, 2013 11:32 PM #10
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1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK
Brian, what a great way to put market information in front of your readers. Nice job on the market report.
Aug 13, 2013 12:12 PM #11
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Judi, thanks for your comments.

Aug 13, 2013 12:22 PM #12
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Brian nice to see that the market is improving in Lancaster County PA, on a side note I hope you are contributing to these statistics with your own listings and sales!, Endre

Sep 02, 2013 08:52 AM #13
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Endre, the Lancaster County market continued its upward trend through June & July, slowing just a bit in August due to rising interest rates.

Sep 02, 2013 01:57 PM #14
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