I know you're wondering what happened to the Lancaster PA Real Estate market in March...did we rebound? Was spring "springing" yet? Well, I'm here to share the facts once again. And...it's not all bad news!
OK, the home sales numbers are not the good part.
Sales were down almost 40% over March 2008, while new listings remained steady for the same time period. The pending listings indicator was down 10%, not too bad but I wish it were better. We need to see houses going under agreement. Active listings on the market were up by 24% over March 2007.
The price spread got smaller! That's the good news...the "gap" between the average price of new listings and those closing narrowed by 12%, down to $38,000. Of course, that big a gap is not healthy so let's all look to see it narrow further as the spring rebound continues. Although listing prices rose a tick, the narrowing gap was the result of a bounce in the average sale price, which climbed to almost $184,000 from $177,000 in February. Average list price in Lancaster county was $222,000 in March. (By the way, all these stats are for residential properties only).
Where to next? April, of course. And as we all know, April showers will bring May flowers...right?
For Lancaster PA homes for sale click here. Jeff Geoghan is a top real estate expert in Lancaster County, PA, and an involved community member. Jeff's work has been featured in the Lancaster Newspapers, WGAL Channel 8, PA Business Journal and Wall Street Journal. Jeff's blog on Lancaster County and its homes is nationally-featured. Contact Jeff for more help with your Lancaster PA Real Estate needs. Jeff is also a photographer - view some of his portfolio. Comments are welcome!