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)

2017 02 February Market Stats - Avg Sales Price

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

A lot happened in the Lancaster County business world this year that will help shape its future for decades to come.  Real estate made a huge comeback with residential housing leading the way.  More consolidation in the banking industry and new entrants into the market vying for customers’ attention.  Lots of approved expansions in local health care facilities.  And on top of all that, you can now buy your favorite adult beverage at local grocery and convenience stores.

Read the Top 10 business stories of the year here as published by Lancaster Online.

All the best!

 

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.)

november-2016-market-stats-avg-sales-price

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

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.

september-2016-market-stats

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

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.

august-2016-average-sales-price

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

Lancaster County Market Statistics for July 2016

NOTE: Click on any of the charts to enlarge and/or download.

July 2016 Average Sales Price

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.

July 2016 Market Stats

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.

July 2016 Absorption Rates

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!