According to a report released today by the Lancaster County Association of Realtors (LCAR), the 583 homes sold in May is a 6.0 percent increase from May 2016 mark of 550. The five-year average number of sales for April is 522. For the first five months of the year, there have been 2.252 homes sold compared to 2,179 during the same period of 2016, a 3.4 percent increase.
The record-breaking average sale price for May 2017 is $203,925, a 3.3 percent increase from the May 2016 price tag of $197,372. The median sale price for May 2017 of $192,000 is an increase from the May 2016 median price of $179,900 (half of the properties sold during this period sold above the number, and half sold below). The five-year average sale price for May is $192,991.
For May, there were 836 new listings in 2017, a 0.4 percent increase from the May 2016 new listings of 833. The five-year average of new listings for May is 843.
Pending sales, homes that went under contract in the month of May, increased 11.8 percent from 633 in 2017 to 708 in 2017. Over 71 percent of homes that sold in May were on the market 60 days or less.
“May was quite a month for local home sales…a record-breaking sale price and an impressive six percent increase in sales compared to last May…all in spite of the fact that the inventory remains extremely tight,” said LCAR president Jennifer King. “For anyone thinking about selling their home, the current market is absolutely ideal – multiple offers are commonplace, average sale price is on the rise and seven out of every 10 homes sold in two months or less.”
“Realtors continue to voice the frustration their clients are experiencing because of the insufficient number of homes for sale,” said NAR chief economist Lawrence Yun. “Homes in lower-and mid-market price ranges are hard to find in most markets; and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales price 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.
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