The Lancaster County Association of Realtors (LCAR) just recently released the latest information on the Lancaster real estate market update. Here are some highlights as to what’s been going on in the marketplace recently:
- 519 homes sold in October 2016, a 2.1% decrease from 2015
- Average sales price for October 2016 was $210,610, a 7.4% increase from last year
- 638 new listings in October 2016, a 13.1% decrease from last year
- 525 homes went under contract in October 2016, a 12.9% increase from 2015
“Even though sales lagged slightly in October due in large part to a very tight inventory, we are still over 7 percent ahead of the January to October period in 2015,” said LCAR president Lynn Zimmerman. “Limited inventory is reflected not only in the 13 percent decrease in the number of new listings, but also in the record-breaking October sale price—with limited homes for sale, there are more multiple offers and offers are also being made over the list price. However, the 13 percent increase in pending sales shows that we will still finish the year on a very strong note with yearly sales being close to the numbers we last saw in 2006 and 2007.”
