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Our local association posted the sales figures today for November. The results are as you might expect given the national market diffculties and the trickle-down into Lancaster County. If your home is on the market, you're going to have to realize that price is the #1 issue this winter. Get the price right and everything else falls into place - get that wrong and even the best marketing efforts won't make a miracle happen. Choose your agent carefully!
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According to a recent report by the Lancaster County Association of Realtors® (LCAR), 281 homes sold in November, a 35.1 percent decrease from the 433 homes that sold in November of 2007. The five-year average of homes sold in November is 441. For the first 11 months of 2008, there have been 4,144 sales, a 23.0 percent decrease from the 5,384 sales during the same period of 2007.
The $169,423 (wow! this is way down) average sale price for November is a 12.2 percent decrease from the November 2007 price tag of $192,900. The five-year average sale price for the month of November is $180,255. In November of 1998, the average sale price of homes in Lancaster County PA was $116,930, a 44.9 percent increase compared to today's price (what was the $ worth back then?).
The median sale price of a Lancaster PA home for November of 2008 is $164,900 versus $176,900 for November of 2007 (half of the properties sold during this period sold above that number, and half sold below). For the first 11 months of 2008, the median sale price is $174,000 compared to $176,000 during the same time period in 2007.
New Lancaster PA residential listings for November decreased 16.8 percent from 564 in 2007 to 469 in 2008. The average number of new listings for the month of November over the last five years is 557. "The numbers show a tough month of November for local home sales," said LCAR president, Jeff Funk. "However, we were not alone. The National Association of Realtors® reported that sales ran into a roadblock in November due to the hit the stock market took, increased unemployment and lower consumer confidence. We'll wait to see what policies lawmakers enact to help the housing market gain momentum in the new year."
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Jeff Funk is finishing out his year as association President this week and I'd like to thank him on behalf of the real estate community - he had a tough year to preside over.
What will December look like?
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!
Wow, that is quite a change. Hopefully it will start getting better soon.