According to a report released by the Lancaster County Association of Realtor (LCAR), the 575 homes sold in July is a 1.8 percent increase from the July 2016 mark of 565. The five-year average number of sales for July is 537. For the first seven months of the year, there have been 3,536 homes sold compared to 3,398 during the same period of 2016, 0 4.1 percent increase.
The record-breaking average sale price for July 2017 is $225,752, a 6.5 percent increase from the July 2016 price tag of $211,889. The median sale price for July 2017 of $203,628 is an increase from the July 2016 median price of $190,000 (half of the properties sold during this period sold above the number and half sold below). The five-year average sale price for July is $205,917.
For July, there were 741 new listings in 2017, a 4.1 percent increase from the July 2016 new listings of 712. The five-year average of new listings for July is 751.
Pending sales, homes that went under contract in the month of July, decreased 4.8 percent from 603 in 2016 to 574 in 2017. Over 77 percent of homes that sold in July were on the market 60 days or less.
“Not only did the average sale price of $225,752 set the record for the month of July, but it also marked the highest monthly sale price ever for Lancaster County,” said LCAR president Jennifer King. “In addition to homes selling at higher prices, they are moving extremely fast…over 65 percent of the homes that sold in July were on the market for only one month or less.”
Lawrence Yun, NAR chief economist, says the previous three-month lull in contract activity nationally translated to a pullback in existing sales in June. “Closings were down in most of the country in June because interested buyers were being tripped up by supply that remains stuck at a meager level and price growth that’s straining their budget,” he said. “The demand for buying a home is as strong as it has been since the Great Recession. Listings in the affordable price range continue to be scooped up rapidly, but severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines. The good news is that sales are still running slightly above last year’s pace despite these persistent market challenges.”
LCAR representing over 1,400 members involved in all aspects of the real estate industry, is one of more than 1.800 local associations nationwide which comprise the National Association of Realtors.
NOTE: Please contact the Association for comment if any excerpt of this news release is used in an article.