Lancaster County 2008 Third Quarter Market Stastics

Real Estate Agent with The Jessica Miller Team - Keller Williams Real Estate

Lancaster Home Sales:  Third Quarter 2008

According to a recent report by the Lancaster County Association of Realtors® (LCAR), the 1,166 homes sold in the third quarter of 2008 is a 28.4 percent decrease from the third quarter 2007 mark of 1,628. This year there were 437 sales in July, 392 in August and 337 in September; this compares to 584 in July of 2007, 617 in August and 427 in September. The five-year average of third quarter home sales is 1,600. The average sale price for the third quarter of 2008 is $192,755, a decrease of 3.3 percent from the third quarter 2007 price tag of $199,318. The five year average third quarter sale price is $188,103, and the average third quarter price in 1998 was $125,132.  (Note: July and August 2007 were the only two months to ever record an average sale price in excess of $205,000.)

The median sale price for the third quarter of 2008 was $177,000 compared to $180,000 for the third quarter of 2007 (half of the properties sold during this period sold above the number, and half sold below). For the first three quarters of 2008, the median sale price was $174,900 compared to $175,900 in 2007.

Lancaster County Housing Market - Third Quarter Statistics

5 Year Average Record 2007 2008 Q3 Trend
Settled Units 1,600 (2005) 1,772 1,628 1,166 Down 28.4%
Average Sales Price $188,103 (2007) $199,318 $199,318 $192,755 Down 3.3%
New Listings 2,229 (1995) 2,488 2,419 2,176 Down 10.0%

This information has been reprinted with permission from House Calls, the Official Publication of the Lancaster County Association or Realtors..

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