Wow...For January 2010 197 homes were sold, up 4.2 percent over January 2009.
Half of these sold in 60 days or less!
Pending home sales rose to 315 from 279 a year ago-a 12.9% increase! Even with all the crazy weather this year.
The average sales price was $187,429-an 11.4% increase over last January.
Take a look at the breakdown we have included here as well as a press release on these very encouraging numbers!
PRESS RELEASE: The Lancaster County Association of Realtors® (LCAR) today released their monthly recap of the area’s real estate market activity in January 2010, noting several positive indicators:
• Pending home sales rose to 315 from 279 a year ago—a 12.9% increase.
• New listings increased 25.9%.
• The average sale price was $187,429—an 11.4% increase over last January.
• 197 homes were sold, up 4.2 percent over January 2009.
• Half of the homes and condos that sold in January were on the market for 60 days or less.
LCAR president Bob Rose noted, “Last year we started off slowly and then picked up in the last quarter. The January stats show a continued upswing, probably due in part to the home buyer tax credits, but also due to the overall long-term strength of our market. While Lancaster County real estate may have its highs and lows, they’re certainly not as extreme as many other markets.”
“It’s especially encouraging to see that half the homes that sold in January were on the market 60 days or less, and we hope that continues. The numbers also seem to indicate that first-time home buyers are continuing to take advantage of the tax credits, but current home owners don’t seem to be as aware of the incentive.”
When the tax credit program was extended in November, qualified homeowners who have lived in their home for five consecutive years within the last eight became eligible for up to $6,500 in tax credits. First-time home buyers who have not owned a home in the last three years are eligible for up to $8,000. The new deadline for both tax credits is April 30th to put a home under contract and June 30th to close.
“When you combine the tax credits, the relative strength and stability of Lancaster County’s real estate market, plus historically low mortgage rates and reasonable prices, we would expect to see much more activity over the coming months.”
Contact a Realtor® for more information about the tax credit program.
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®.
