Spring has sprung in the Lancaster County Real Estate Market! Kim and I have been very busy showing homes, writing offers, and attending settlements. We just received the latest market update from the Lancaster County Association of Realtors and wanted to share the stats with you.
Across Lancaster, 237 homes sold in February, which is a 2.1% decrease from February 2011. The average sale price for February 2012 was $173,355, a slight increase from February 2011 but still below the 5-year average February sale price of $175,676. For February, there were 641 new listings in 2012, a 13.7 percent increase from February 2011; a number even above the 5-year average of new listings for the month of February (which is 627). Beyond new listings, pending home sales also saw an increase in February of 30.8% from 2011 – and 38% of the homes that sold in February were on the market for 60 days or less.
While February saw a slight rise in prices from last year (a good sign for sellers), prices are still below the 5-year average price. The lowered home prices coupled with the increase in new listings means there are a lot of affordable homes for buyers to choose from. Add in that interest rates are remaining low, and it’s easy to see why now is a great time to buy. February’s stats also show us that many of “good values” are still selling fast.