I thought I'd share some very recent home sale statistics for the Lancaster County and Lebanon County MLS that we belong to here. The data is interesting & supports and confirms what most Realtors are seeing happening in the home sales market.
The following chart shows the montly breakout of (from L to R) of new listings, active listings, sold listings and (bolded) months of inventory at the current level of home sales. I want you to notice the upward trend in inventory which peaked in January this year at over eight months! That's a lot of extra inventory. We did see a rebound downwards in March and April as the market got back into gear with the warmer weather.
One other bolded number is the current listings as of May 2007, 4,864. That's almost a record high even considering the peak season. Sold listings and new listings remain fairly steady, which seems to indicate that we've got some stagnation happening in the market, which is confirmed by the large number of price-drops that I'm seeing on the MLS these days. Sellers are starting to get the message that a price correction is actually happening.
New Active Sold Inv.
| May/2007 | 1,561 | 4,864 | 802 | 6.06 |
| Apr/2007 | 1,542 | 4,579 | 784 | 5.84 |
| Mar/2007 | 1,382 | 4,492 | 827 | 5.43 |
| Feb/2007 | 1,096 | 4,510 | 615 | 7.33 |
| Jan/2007 | 1,434 | 4,654 | 567 | 8.21 |
| Dec/2006 | 848 | 4,794 | 781 | 6.14 |
| Nov/2006 | 1,102 | 4,948 | 740 | 6.69 |
| Oct/2006 | 1,325 | 4,900 | 876 | 5.59 |
| Sep/2006 | 1,390 | 4,848 | 785 | 6.18 |
| Aug/2006 | 1,552 | 4,691 | 964 | 4.87 |
| Jul/2006 | 1,411 | 4,400 | 867 | 5.07 |
| Jun/2006 | 1,472 | 4,401 | 1,033 | 4.26 |
| May/2006 | 1,477 | 4,186 | 920 | 4.55 |
| Apr/2006 | 1,391 | 3,987 | 781 | 5.10 |
| Mar/2006 | 1,513 | 4,008 | 869 | 4.61 |
| Feb/2006 | 1,080 | 3,902 | 610 | 6.40 |
| Jan/2006 | 1,296 | 3,816 | 536 | 7.12 |
| Dec/2005 | 729 | 3,936 | 782 | 5.03 |
| Nov/2005 | 1,140 | 3,950 | 810 | 4.88 |
| Oct/2005 | 1,171 | 3,896 | 843 | 4.62 |
| Sep/2005 | 1,325 | 3,821 | 847 | 4.51 |
| Aug/2005 | 1,394 | 3,657 | 986 | 3.71 |
| Jul/2005 | 1,169 | 3,547 | 896 | 3.96 |
| Jun/2005 | 1,385 | 3,452 | 1,007 | 3.43 |
Gone are the days in Summer 2005 when we only had 3-4 months of inventory backed up. Today, it's all the more important for home sellers in Lancaster County to critically review their agent's marketing plan, price the home competitvely and stage it to appeal to the most buyers possible. For a quick summary of my full-service cutting-edge marketing plan, available to every home from $70,000 to $700,000, click here. Let me show you why you need a forward-thinking professional to help you sell your home in this changing market.
Oh, by the way, if you're in the market for a home this is a GREAT time to start looking and check your options. With inventory up and prices dropping, and interest rates hovering at competitive levels, you owe it to yourself to get serious if this is the year you want to make a move!
If you would like more market facts or information about your specific area, fee free to visit my website or call me at 717-799-0851 anytime.
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For Lancaster PA homes for sale click here. Jeff Geoghan is a top real estate expert in Lancaster County, PA, and an involved community member. Jeff's work has been featured in the Lancaster Newspapers, WGAL Channel 8, PA Business Journal and Wall Street Journal. Jeff's blog on Lancaster County and its homes is nationally-featured. Contact Jeff for more help with your Lancaster PA Real Estate needs.
Jeff- Interesting....
Jill