Where has the year gone? Kids are now back in school; football season is under way; backyard gardens have been harvested – – – and the August market stats are in.
NOTE: Click on any of the charts to enlarge and/or download.
The average sales price in Lancaster County is up 1% from last year at this time. Although a small increase, this continues an upward trend that indicates that the overall residential real estate market continues to rebound from the recession.
The number of active listings on the market is down 22% from last year. This shortage of inventory in almost all price ranges 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 with prices increasing. If you have a home above $400,000, you are facing an overabundance of inventory where buyers have a wide selection of homes to choose from. Sellers in this price range need to stand out from their competition by making sure their home is staged properly and priced aggressively.
Until next month – – – all the best!