Lancaster County Market Update

    It’s hard to believe April is already upon us and it’s time to give you another real estate market update for Lancaster. In case you haven’t heard, things are heating up here in Lancaster County! Homes are selling quick and inventory is low. Here’s a snapshot of the recent press release from the Lancaster County Association of Realtors:

    • 324 homes sold in February 2017 – a 10.5% decrease from 2016
    • 538 new homes hit the market in February 2017 – a 11.8% decrease from 2016
    • 462 homes went under contract in February 2017 – a 0.4% increase from 2016

    “In the last 24 months, we have only seen three instances when the current month’s sales fell behind that same month one year prior,” said LCAR president Jennifer King. “One of the key factors in the lagging February sales this year is an extremely tight inventory when new listings saw a double-digit decrease and where there is only a one month’s supply of inventory in the $100,000 to $200,000 price range and a less-than-three month’s supply in the $200,000 to $300,000 range (a five to six month’s supply is considered to be a healthy level).”

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