March is already upon us and while we’re anxiously awaiting the arrival of Spring, it’s time for our monthly real estate market update. Here are some highlights from the Lancaster County Association of Realtor’s latest press release.
- 376 homes sold in January 2017 – a 9.9% increase from 2016
- 577 new listings in January 2017 – a 15.4% increase from 2016
- 471 homes went under contract in January 2017 – a 19.5% increase from 2016
- Over 66% of homes that sold in January were on the market for 60 days or less
“Even though we continue to post strong sales numbers, a tight inventory is still restraining the local market,” said LCAR president Jennifer King. “Consumer demand is high, but when you have less than a two month’s supply in properties up to $200,000 and only a three month’s supply in the very popular $200,000 to $300,000 range, there are limited options available. It is truly an ideal time to sell a home in Lancaster County when two-thirds of the properties are selling in two months or less.”