Posted: August 18th, 2010
The summer of the Tax Credit Rebound continues…
So what’s new?
Nothing to great, actually. New listings dropped 7% over 2009, but sale were off almost 40%, this being the fallout from the tax credit incentive that drove sale closings into May and June. The pending home sales in Lancaster number was the one I was most interested to see, and they were off almost a full quarter versus 2009. I had hoped things would start rebounding sooner…
As we can see from the historical data, pending home sale peaked in April with an all-time high per the tax credit deadline of 4.30, then collapsed in May. I was hoping to see a bit stronger rebound by now but we’ll see what August brings.
If you’re a seller the competition continues to heat up; active listings are up 20% over 2009 and the average days-on-market is 16% higher than homes sold in July 2009. Pricing and great marketing are more important than ever to get your home sold. Expiring listings were also up almost 20% (notice a trend?) over last summer.
Lastly, sold homes in Lancaster County PA took a tumble in July for all the reasons explained above…most tax credit sales have settled already despite the extension of the settlement deadline by congress until 9/30.
Home prices for new listings were up on average – I checked on that and found several multi-million $$ homes that were listed in July; expect the actual number to be closer to June’s average of $208,411. I’ll take a closer look at Lancaster PA home prices in an upcoming article.
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