Lancaster County Association of Realtors announced the November 2007 home sales statistics this week, and many of the trends I identified in October (see my post here) continue. Overall, home sales were down 15% versus 2006, with 398 estimated closings vs. 470 last year. However, things are much worse once again if you break the numbers down:
Up to $120,000 -32%
$100,000 to $120,000 -46%
$180,000 to $200,000 -23%
These are the key Lancaster County sales price ranges. As you can see, sales are way off in these "bread and butter" categories. Meanwhile, some price ranges did a little better:
$200,000 to $250,000 +5%
$250,000 to $400,000 +8%
One new thing this month is that even the new growth market of townhomes in the $140K-$160K range fell 16% in November. The $160K-$180K range also saw a drop of 25%, sealing the fate of the affordable single home in Lancaster County. The single largest category in terms of total home sales was the $200K-250K price range, demonstrating that this is now the median price you can expect to pay for a single home these days.
The average price was up again from $189,052 last year to $194,890 this past month. After looking at the data, though, you can see why. That's not good news for the average homebuyer.
Is there any good news? Well, spring is only 15 weeks away! Let's hope the winter isn't too cold for everyone in the housing market. I for one would like to see builders explore more affordable options - the city is waiting!