The month of September is behind us and if you take the time to walk along some of the nature trails in Lancaster County, you’ll soon start seeing a wonderful palette of orange, yellow, and brown leaves that will greet you. Let’s take a look at the numbers for September – – –
NOTE: Click on any of the charts to enlarge and/or download.
Increases in the low to mid price ranges are the categories that are fueling the steady assent. This bodes well for continued strength in the real estate market.
Lots to look at with this slide. With 21% less inventory than last year, this means that sellers are positioned well when they decide to put their homes on the market. If you couple that with continued strength in the number of sales each month and the number of days homes are on the market before going under agreement, you have the recipe for positive growth. Need to finance your home purchase? Historically low rates and reasonable credit standards continue to assist buyers who want to buy now.
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 priced between $300,000 and $500,000, you’re in a balanced marketplace where the number of available homes is meeting the demand of buyers. However, if you have a home priced above $500,000, 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!