Lancaster County PA Real Estate Market Improves Ninth Straight Quarter

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

                 Nine Straight Quarters of Real EstateImprovement in Lancaster County, PA:

A market report for Lancaster County, PA has been recently released by LCAR, the Lancaster County Association of REALTORS®.  LCAR represents some 1,300 members involved in all aspects of the real estate industry.

In the third quarter of 2013 there were 1, 432 sales, up 8.2% from 1,323 sold in the third quarter of 2012.  The average sale price for September was $187,946, down 0.9% from September 2012’s average of $189,654.  The third quarter median sale price – for which half the homes sold below and half sold above – was $171,010, up from $169,900 in the third quarter of 2012.

There were 653 new listings in September 2013, up 10.9% from 589 in September 2012.  Pending sales – those homes that went under agreement in September – decreased 0.8% to 393, down slightly from 396 in 2012.  However, Lawrence Yun, National Association of REALTORS® Chief Economist, said that the national decline in pending homes sales followed higher than normal levels of settlements over the summer.

Rising interest rates in the spring motivated buyers to "pull the trigger" on purchases over the summer, leading to a six-year sales peak.  An LCAR poll of local lenders showed an average 30-year conventional rate of 4.15%, and 3.21% for conventional 15-year loans.  Of course, rates may vary with the credit scores of individuals.

LCAR President Mike Julian said, “We have seen nine quarters of continued positive home sale growth, and pending sales numbers have also shown consistent improvement.  The numbers paint a picture of the local residential real estate recovery that began in 2011 and brought back stability, confidence, and overall health to a market that was hit hard in preceding years.”

Please feel free to contact me if you have any questions.

 

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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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Rainmaker
3,420,178
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information thanks for sharing.  We are also experiencing a very strong market.

Nov 09, 2013 09:27 PM #1
Rainmaker
3,026,676
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Brian - Thank you for sharing an excellent lis of information about Lancaster County, Pennsylvania real estate market improves Ninth straight quarter.

Nov 10, 2013 01:34 AM #2
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Richard, I'm glad your area is experiencing a strong market as well.

John, thanks for stopping by.

Nov 10, 2013 11:02 PM #3
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

2013 is proving to be a great year for Lancaster and many many markets!  Cheers to a healthier 2014!~

Nov 14, 2013 12:19 AM #4
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Renee, I'll toast to that - a healthy and prosperous 2014!

Nov 14, 2013 10:12 PM #5
Rainmaker
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Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Brian,

Lancaster County is a really beautiful place.  We have friends there and have taken day trips to the area.  Glad to see the market is coming back for your area!

Nov 17, 2013 03:19 AM #6
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Nine consecutive quarters of upward progress when frame that way, seems damn near a miracle! Good luck continually!

Oct 11, 2014 03:57 PM #7
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