Lancaster Real Estate Market Update

If you’ve spoken with anyone in the Lancaster County real estate industry lately, or if you’re in the process of buying or selling a home, you’ve probably heard by now – the Spring real estate market is upon us! We have seen more homes being listed, properties going under contract quickly, and even competing agreement situations on a regular basis. Here are some market statistics as provided by the Lancaster County Association of Realtor’s latest press release:

  • 445 homes sold in March 2016 (up 8.5% from last March)
  • 813 new listings in March 2-16 (up 5.3% from last March)
  • 591 homes went under contract in March 2016 (up 20.4% from last March)
  • Sales from the first quarter are up 10.6% in 2016 over 2015

“Even though the local real estate market is very active and we’re seeing multiple offers and homes going under contract quickly, the exceedingly tight supply of homes for sale is restraining the explosiveness of the spring market,” said LCAR president Lynn Zimmerman. “In the three price ranges we track in homes $300,000 and below, we have less than three months worth of inventory – a strong indication of a seller’s market since a six month’s supply is considered a normal market.”

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