The Long & Foster Market Minute

Focus On: Lancaster County Housing Market March 2018

Units Sold
7
Active Inventory
206
Median Sale Price
$512,500
Days On Market
197
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down
Vs. Year Ago
Down -16%
Vs. Year Ago
Up
Vs. Year Ago
Down -2%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in March, with 7 sold this month in Lancaster County Real Estate. This month's total units sold was lower than at this time last year, a decrease from March 2017.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 39 units or 16%. The total number of active inventory this March was 206 compared to 245 in March 2017. This month's total of 206 is lower than the previous month's total supply of available inventory of 215, a decrease of 4%.

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Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last March, the median sale price for Lancaster County Homes was $499,000. This March, the median sale price was $512,500, an increase of $13,500 compared to last year. The current median sold price is higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

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New Listings
34
Current Contracts
23
Sold Vs. List Price
93.4%
Months of Supply
29.4
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -11%
Vs. Year Ago
Up 64%
Vs. Year Ago
Up 0.9%
Vs. Year Ago
Up
Vs. Year Ago

Months of Supply
In March, there was 29.4 months of supply available in Lancaster County, compared to 12.9 in March 2017. That is an increase versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

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New Listings & Current Contracts
This month there were 34 homes newly listed for sale in Lancaster County compared to 38 in March 2017, a decrease of 11%. There were 23 current contracts pending sale this March compared to 14 a year ago. The number of current contracts is 64% higher than last March.

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Click here to compare the current contracts of this area against other locations.
Sale Price to List Price Ratio
In March, the average sale price in Lancaster County was 93.4% of the average list price, which is 0.9% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 197, lower than the average last year, which was 201, a decrease of 2%.

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The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by NNAR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of NNAR or Long & Foster Real Estate, Inc.