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!
___________________________________________________________________________________________________
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 is also a photographer - view some of his portfolio. Comments are welcome!
Excellent analysis, Jeff. I think one positive factor is that the number of new listings has actually gone down, and the listings pending sale are up a bit. This hopefully indicates a bottoming of the market with some hints of a positive trend.