The Long & Foster Market Minute

Focus On: Lancaster County Housing Market June 2018

Units Sold
27
Active Inventory
234
Median Sale Price
$397,000
Days On Market
232
Up 23%
Vs. Year Ago
Down -12%
Vs. Year Ago
Up
Vs. Year Ago
Up 19%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 27 sold this month in Lancaster County Real Estate versus 21 last month, an increase of 29%. This month's total units sold was higher than at this time last year, an increase of 23% versus June 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 33 units or 12%. The total number of active inventory this June was 234 compared to 267 in June 2017. This month's total of 234 is higher than the previous month's total supply of available inventory of 229, an increase of 2%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last June, the median sale price for Lancaster County Homes was $255,750. This June, the median sale price was $397,000, an increase of $141,250 compared to last year. The current median sold price is higher than in May.

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


New Listings
36
Current Contracts
16
Sold Vs. List Price
92.4%
Months of Supply
8.7
Down -12%
Vs. Year Ago
Down -27%
Vs. Year Ago
Down -4.1%
Vs. Year Ago
Down -33%
Vs. Year Ago

Months of Supply
In June, there was 8.7 months of supply available in Lancaster County, compared to 12.1 in June 2017. That is a decrease of 29% 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.

New Listings & Current Contracts
This month there were 36 homes newly listed for sale in Lancaster County compared to 41 in June 2017, a decrease of 12%. There were 16 current contracts pending sale this June compared to 22 a year ago. The number of current contracts is 27% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in Lancaster County was 92.4% of the average list price, which is 3.9% lower than at this time last year.

Days on Market
This month, the average number of days on market was 232, higher than the average last year, which was 195, an increase of 19%.

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.