Market Update
Home Sales Rise 22 Percent in Third Quarter; Average Sales Price Continues Climb Lancaster, PA — The Lancaster County Association of Realtors quarterly and monthly recap of the area’s real estate market activity. Bob Rose, LCAR president notes, “With average prices increasing, it appears that owners are holding out for a fair value on their homes. It’s taking a little longer to sell a home, but sellers appear to be getting a fair price. The historically low interest rates still make it a great time to buy, but for those in he market hoping for lower prices, that time may be passing.” "We’re also seeing a gradual increase in settled units since July which reflects the strength of our market compared to other areas. Lancaster County has fewer foreclosures and short sales, our homes retain their value and our inventory moves faster.” Year-to-Date • The average sale price for the first nine months of this year is $190,428, a 3.0 percent increase over the same period in 2009. • Settled units are down 4.5 percent over the first nine months of last year. • Overall, 52 percent of the homes and condos that sold in the first nine months of 2010 were on the market 60 days or fewer, and 34 percent sold within 30 days. Third Quarter • Home sales are up 22 percent since July 2010. • The average sale price for the third quarter is $203,228, up 7.9 percent from $188,328 in third quarter 2009. • New listings were down 7.3 percent over second quarter 2009 • Settled units decreased 32.5 percent over the same period last year. September • The average sale price for September is $196,872, up 8.8 percent from $180,888 in 2009. • Pending sales were down 29 percent. • 42 percent of the homes and condos that sold in September were on the market for 60 days or fewer. LCAR, representing more than 1,500 members involved in all aspects of the real estate industry, is one of more than 1,800 location associations nationwide that comprise the National Association of Realtors.
