Posted by NOTE: Click on any of the charts to enlarge and/or download.
The average sales price in Lancaster County is up 2% from last year at this time. This continues a trend that indicates that the overall residential real estate market is rebounding from the recession.
The biggest takeaway from this chart is that the number of active properties has plummeted 21% since last year. There is a shortage of inventory in almost all price ranges which causes prices to rise. As a result of the low inventory numbers, buyers are making quicker decisions on properties which is reflected in the declining number of average of days on market. The housing market continues to bolstered by historically low interest rates that make owning a home easier than at any time over the last century.
The absorption rate is the rate at which available homes are sold in a specific real estate market or price range during a given time period. It is calculated by dividing the total number of available homes by the average number of sales per month. The rate represents the number of months it would take to clear out available inventory if no other homes come on the market. At the present time, homes that are priced below $300,000 are selling rather quickly and we’re in a seller’s market and prices are increasing. If you have a home above $500,000, you are facing an overabundance of inventory where buyers have a wide selection of homes to choose from.
Until next month – – – all the best!
