Positive Housing Indicators for Third Quarter Lancaster PA

Positive Housing Indicators for Third Quarter
LANCASTER—According to a report released today by the Lancaster County Association of Realtors®
(LCAR), there were 1,307 sales in the third quarter of 2012, a 17.3 percent increase
from the 1,114 units sold during 2011. The five-year average number of sales for the third quarter is 1,187. There were 432 sales in July 2012, 491 in August and 384 in September compared to 357 sales in July 2011, 408 in August and 349 in September. Year-to-date there have been 3,494 sales in 2012, a 15.4 percent increase compared to the same period in 2011 of 3,028. The average sale price for September is $189,584, an increase of 11.6 percent from the September 2011 price tag of $169,934. For the third quarter of 2012, the average sale price was $186,341, a 5.0 percent increase from the $177,482 average sale price for the third quarter of 2011. The five-year average sale price for the third quarter is $189,699. The median sale price for September 2012 is $169,000 (half of the properties sold during this period sold above the number, and half sold below) compared to $162,500 in September 2011. The median sale price for the third quarter of 2012 is $169,900 compared to the third quarter 2011 median price of $165,000. For September there was a 2.6 percent decrease from the 605 new listings in 2011 to the 589 new listings in 2012. For the third quarter, new listings remained virtually the same at 2,007 in 2012 and 2,006 in 2011. The five-year average of new listings for the third quarter is 2,120. Pending sales, homes that went under contract in the month of September, increased 38.5 percent
from 299 in 2011 to 414 in 2012. Over 52 percent of homes that sold in September were on the market 60 days or less. “Without government assistance or programs, the housing market is gradually healing on its own,” said LCAR president Quentin Miller. “Pent-up demand paired with really favorable housing conditions gives us every reason to be optimistic that our local market will continue to post favorable numbers as we move into the final quarter and the new year ahead.”

“While all real estate is local, the indicators show that overall the market is recovering slowly in Pennsylvania,” said PAR president Frank Jacovini. “We know that homes in good condition and priced correctly are receiving multiple offers in the last several months, which is something we haven’t seen in the last couple of years.” Lawrence Yun, NAR’s chief economist, said favorable buying conditions get the credit. “The housing market is
steadily recovering with consistent increases in both home sales and median prices. More buyers are taking advantage of excellent housing affordability conditions,” he said. “The strengthening housing market is occurring even with difficult mortgage qualifying conditions, which is testament to the sizable stored-up housing demand that accumulated in the past five years.” LCAR, representing over 1,300 members involved in all aspects of the real estate industry, is one of more than 1,800 local associations nationwide which comprise the National Association of Realtors®
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