According to a report released today (April 19, 2017) by the Lancaster County Association of Realtors (LCAR), the 502 homes sold in March is a 12.3 percent increase from the March 2016 mark of 447. There was a 5.0 percent increase in first quarter sales from 1,151 in 2016 to 1,209 in 2017. The five-year average number of sales for the first quarter is 1,055. There were 381 sales in January 2017, 326 in February and 502 in March compared to 342 sales in January 2016, 362 in February and 447 in March.
The average sale price for March 2017 is $204,337, an 11.1 percent increase from the March 2016 price tag of $183,860. The median sale price for March 2017 of $183,500 is an increase from the March 2016 median price of $174,900 (half of the properties sold during this period sold above the number and half sold below). The five-year average sale price for the first quarter is $186,322. The record-breaking average sale price for the first quarter is $198,893 set in 2017 with a median sale price of $178,000, which compares to $189,474 in 2016 with a median sale price of $172,500.
For March, there were 716 new listings in 2017, an 11.9 percent decrease from the March 2016 new listings of 813. For the first quarter, new listings decreased 4.8 percent from 1,923 in 2016 to 1,831 in 2017. The five-year average of new listings for the first quarter is 1,902.
Pending sales, homes that went under contract in the month of March, increased 5.6 percent from 587 in 2016 to 620 in 2017. Over 62 percent of homes that sold in March were on the market 60 days or less.
“This month’s numbers highlight exactly how tight our local real estate market has become,” said LCAR president Jennifer King. “In the $100,000-$200,000 price range, we have less than one month’s supply….and five to six months of inventory is considered a healthy level. For the $200,000-$300,000 bracket, we only have a two-month’s supply; but in spite of that, we are still five percent ahead of our first quarter sales last year.”
Lawrence Yun, NAR chief economist, said, “A growing share of homeowners in NAR’s first quarter HOME survey said now is a good time to sell; but until an increase in listings actually occurs, home prices will continue to move hastily.”
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.