According to a recent report by the Lancaster County Association of Realtors® (LCAR), the 1,164 homes sold in the first quarter of 2007 is a 3.2 percent decrease from the first quarter 2006 mark of 1,202. This year there were 317 sales in January, 368 in February and 479 in March; this compares to 311 in January of 2006, 372 in February and 519 in March. The five-year average of first quarter home sales is 1,215. The average sale price for the first
quarter of 2007 is $186,754, an increase of 3.6 percent over the first quarter 2006 price tag of
$180,300. The figure sets the record for the first quarter. The five year average first quarter sale price is $164,821, and the average first quarter sale price ten years ago was $114,522.
For the first quarter, there were very similar numbers of new listings with 2,181 in 2006 and 2,174 this year. The five-year average of new listings for the first quarter is 1,974. “Our local numbers are reflective of a market that is active, yet healthier and more stable than the recent real estate boom period,” said LCAR president, Rich Heslin. “The subprime lending problems
we’re now hearing lots about in the media may have some negative impact on the local housing market, but we don’t expect it to be significant. Mortgage rates are still historically low, the
economy is growing and there is low unemployment, so the subprime problem should be manageable without the bubblebursting impact some would like us to believe.”

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