According to a report released by the Lancaster County Association of Realtors (LCAR), the 697 homes sold in June makes it the busiest month ever for home sales in Lancaster County, beating the previous record of 666 sales set in June 2004. The 697 mark is a 6.6 percent increase from the June 2016 mark of 654. There was a 3.9 percent increase in second quarter sales from 1,682 in 2016 to 1,747 in 2017. The five-year average number of sales for the second quarter is 1,542. There were 464 sales in April 2017, 586 in May and 697 in June compared to 478 sales in April 2016, 550 in May and 654 in June.
The average sale price for June 2017 of $222,983 is the highest monthly sales figure ever, beating the previous record of $211,287 set in June 2014. It is a 5.9 percent increase from the June 2016 price tag of $210,630. The median sale price for June 2017 of $197,500 is an increase from the June 2016 median price of $186,000 (half of the properties sold during this period sold above the number and half sold below). The five-year average sale price for the second quarter is $197,090. The record-breaking average sale price for the second quarter is $209,994 set in 2017 with a median sale price of $190,000, which compares to $203,143 in 2016 with a median sale price of $184,900.
For June, there were 787 new listings in 2017, an 8.7 percent decrease from the June 2016 new listings of 862. For the second quarter, new listings decreased 7.1 percent from 2,557 in 2016 to 2,376 in 2017. The five-year average of new listings for the second quarter is 2,503.
Pending sales, homes that went under contract in the month of June increased 8.7 percent fro 552 in 2016 to 600 in 2017. Over 74 percent of homes that sold in June were on the market 60 days or less.
“Three of every four homes that sold in June were only on the market two months or less,” said LCAR president Jennifer King. “When you have a market with record low inventory but still manage to record the busiest month of home sales ever, that clearly shows the phenomenal interest there is right now in buying a home in Lancaster County. If you have thought of selling your home, conditions couldn’t be more ideal than they are right now.”
Lawrence Yun, NAR chief economist, says activity expanded in May as more buyers overcame the increasingly challenging market conditions prevalent in many areas. “The job market in most of the country is healthy and the recent downward trend in mortgage rates continues to keep buyer interest at a robust level,” he said. “Those able to close on a home in May are probably feeling both happy and relieved. Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.”
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.