Posted: October 24th, 2008
Before we say goodbye to a crazy October 2008, I wanted to review the essential home sales stats from the September Lancaster PA Real Estate market. Let’s look at the local numbers:
We see that a couple of interesting things happened in September
- The sales of homes were down (no surprise there).
- The number of pending listings was up slightly (that’s good news).
- The number of listings expiring shot up yet again (call my team if you want to start over, sellers).
- Prices actually went UP during the month.
- Unfortunately, the “price gap” continued to stay huge at $37,583!
As I’ve said many times in this space, the price gap is going to HAVE to narrow in order for the Lancaster home market to reignite. Prices will likely need to tumble another 10% on averge to get close to making buyers move.
Next week we’ll look at the NAR numbers and get a handle on how Lancaster compares to the nation. Also, look for a sneak peek at the October sales numbers – should be eye-opening!
