Lancaster County Real Estate Market Statistics for August 2017

Another successful year of Lancaster Barnstormer baseball is almost in the books. It’s been quite a ride this season with two games left with the division-leading York Revolution and two games back in the standings. Let’s hope they can squeeze out the final pair and force a playoff. Now for the numbers – – –

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After a steady rise in average sales price over the past couple of years, August saw the first decline in a long time. Not to worry. Sales activity is still steady but home buyers are more active in the lower price ranges which has caused the average sales price to dip just a bit.

On the national front, the Case-Shiller Index of national home prices continues to reflect a healthy housing industry with no major red flags on the horizon. Continue reading →

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Lancaster County Real Estate Market Statistics for February 2017

And you thought Old Man Winter had taken a vacation. I think it was just a coffee break before he decided to really get to work. Oh well, on to the numbers.

(Click on any of the charts to enlarge and/or download)

A steady rise in average sales price bodes well for the real estate industry. This past month, the benchmark inched closer to the $200,000 mark and was up 4% over last year at this time. Homeowners across the board are finding that the equity in their homes that had been lost during the Great Recession, is making a steady comeback. In fact, according to Core Logic, just over 1 million borrowers moved out of negative equity during 2016, increasing the percentage of homeowners with positive equity to 93.8% of all mortgaged properties, or approximately 48 million homes. As the economy strengthens, this will only get better. Continue reading →

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Lancaster County Real Estate Market Statistics for November 2016

The month of November has come and gone, and with it, the cool, crisp air has turned a little frosty. But that change in temperature has not deterred the local real estate market from continuing to perform at a high level. Take a look at the numbers.

(NOTE: Click each slide for a larger image.)

The average sales price in Lancaster County ticked up 1% in November as compared to last year. This steady rise is good news for those people that saw the equity in their home get squeezed during the Great Recession of 2006-2010. It appears that the $200,000 is right around the corner. Continue reading →

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RE/MAX National Housing Report – October 2016

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Lancaster County Real Estate Market Statistics for September 2016

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. Continue reading →

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Lancaster County Real Estate Market Statistics for August 2016

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. Continue reading →

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Lancaster County Market Statistics for July 2016

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!

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