The Lancaster County Association of REALTORS® (LCAR) recently released market data for Lancaster County real estate through October 2013. The 418 homes sold in October comprised a 6.6% increase over the 372 units sold in October 2012. There was an increase in the average sale price as well, up 1.2% to $189,730 from last October’s $187,567.
However, the median price (for which half sold above and half sold below) was $165,000, vs. $174,900 for October the previous year. This apparent discrepancy is due to the fact that more high priced homes have sold this year, raising the average price – yet, even more low priced homes were sold, thereby lowering the median price.
674 new listings came on the market in October, which is up 14.4% from 589 in October 2012. Homes that went under agreement in October were up 5.9% as well, to 415 in 2013 from 392 in 2012.
LCAR president Mike Julian said, “For the first 10 months of the year, we are 7.0 percent ahead of sales during the same period of 2012”.
In addition, in a surprise move, Federal Reserve Board policy makers, in a so-called “taper” cut back the monthly amount of stimulus by $10 billion/month – a sign that they feel the economy is beginning to expand again. The markets have responded positively to the move so far.
LCAR’s poll of local lenders showed an average conventional 30-year mortgage at 4.34%, still quite low by historical norms. 15-year fixed mortgages averaged 3.39%. (These figures should be taken only as relative indicators, as FICO credit scores will affect individual rate quotes).
Wishing you all a Merry Christmas and a healthy, prosperous New Year!