According to a report released today by the Lancaster County Association of Realtors®
(LCAR), the 553 homes sold in September is a 4.7 percent decrease from the September 2016 mark of
580. There was a 1.8 percent decrease in third quarter sales from 1,746 in 2016 to 1,715 in 2017. The five year average number of sales for the third quarter is 1,586. There were 584 sales in July 2017, 578 in August and 553 in September compared to 565 sales in July 2016, 601 in August and 580 in September.
The average sale price for September 2017 of $206,646 is a 5.5 percent increase from the September
2016 price tag of $195,835. The median sale price for September 2017 of $189,900 is an increase
from the September 2016 median price of $179,900 (half of the properties sold during this period sold
above the number, and half sold below). The average sale price for the third quarter 2017 is $212,686
with a median sale price of $192,000, which compares to $206,724 in 2016 with a median sale price of
$189,000. The $212,686 average sale price for the third quarter is not only the record mark for the
third quarter, but also the highest quarterly average sale price on record. The five-year average sale
price for the third quarter is $201,244.
For September, there were 653 new listings in 2017, a 1.7 percent decrease from the September 2016
new listings of 664. For the third quarter, new listings remained virtually unchanged from 2,146 in 2016
to 2,145 in 2017. The five-year average of new listings for the third quarter is 2,160.
Pending sales, homes that went under contract in the month of September, increased 4.5 percent from
514 in 2016 to 537 in 2017. Over 74 percent of homes that sold in September were on the market 60 days
“Continuing inventory constraints led to the highest ever quarterly average sale price for local home
sales—limited options mean buyers are willing to pay more in order to get the home they want,” said
LCAR president Jennifer King. “The housing demand in Lancaster County is near an all-time high, and
this year truly exemplifies what a textbook seller’s market looks like.”
Lawrence Yun, NAR chief economist, says the slump in existing sales stretched into August despite what
remains a solid level of demand for buying a home. “Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” he said. “What’s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it’s putting on sales in several parts of the country. Sales have been unable to break out because there are simply not enough homes for sale.”
NOTE: Please contact the Association for comment if any excerpt of this news release is used in an article.