The local Realtors association has posted the July market wrapup for Lancaster PA real estate:
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According to a recent report by the Lancaster County Associationof Realtors® (LCAR), the 1,395 homes sold in the second quarter of 2008 is a 14.8 percent decrease from the second quarter 2007 mark of 1,638. This year there were 399 sales in April, 462 in May and 534 in June; this compares to 490 in April of 2007, 531 in May and 617 in June. The five-year average of second quarter home sales is 1,637. The average sale price for the second quarter of 2008 is $193,036, a decrease of 2.3 percent over the second quarter 2007 price tag of $197,591. The five-year average second quarter sale price is $182,382, and the average second quarter price ten years ago was $120,603. The median sale price for the second quarter of 2008 was $176,000 compared to $178,000 for the second quarter of 2007 (half of the properties sold during this period sold above the number, and half sold below). For the first half of 2008, the median sale price was $174,000 compared to $174,800 in 2007.
For the second quarter, there were 2,484 new listings in 2008, an 8.2 percent decrease from the second quarter 2007 new listings of 2,706. The five-year average of new listings for the second quarter is 2,429. “The local numbers over the last several months have begun to show signs of a recovery,” said LCAR president, Jeff Funk. “The number of sold units is still lower than in 2007; however, the first quarter decrease when comparing 2008 to 2007 went from 25.7 percent to 14.8 percent in the second. We also posted gains in the average sale price in both May and June, the first montly increases in 2008. Compared to the national figures, we have weathered the storm well, and hopefully our numbers will continue to show improvement.”
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Somehow the average sale price going up is considered a mark of progress…do you agree with that? I would think that, to begin to clear out the sitting inventory and close the book on this chapter of Lancaster real estate history, that prices should actually go down a bit more. On the other side, buyer activity has certainly gone up in recent weeks. This fall will be interesting – either a great season of sales or a famine for savvy home buyers.