The Long & Foster Market Minute

Focus On: Lancaster County Housing Market October 2018

Units Sold
22
Active Inventory
222
Median Sale Price
$260,000
Days On Market
239
No Change
Vs. Year Ago
Down -13%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down -16%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 22 sold this month in Lancaster County Real Estate, an increase of 5%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is lower by 33 units or 13%. The total number of active inventory this October was 222 compared to 255 in October 2017. This month's total of 222 is higher than the previous month's total supply of available inventory of 213, an increase of 4%.

Median Sale Price
Last October, the median sale price for Lancaster County Homes was $253,500. This October, the median sale price was $260,000, an increase of 3% or $6,500 compared to last year. The current median sold price is 5% lower than in September.

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


New Listings
32
Current Contracts
16
Sold Vs. List Price
94.4%
Months of Supply
10.1
Up 60%
Vs. Year Ago
Up 33%
Vs. Year Ago
Down -1.1%
Vs. Year Ago
Down -13%
Vs. Year Ago

Months of Supply
In October, there was 10.1 months of supply available in Lancaster County, compared to 11.6 in October 2017. That is a decrease of 13% 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 32 homes newly listed for sale in Lancaster County compared to 20 in October 2017, an increase of 60%. There were 16 current contracts pending sale this October compared to 12 a year ago. The number of current contracts is 33% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Lancaster County was 94.4% of the average list price, which is 1.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 239, lower than the average last year, which was 284, a decrease of 16%.

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.