The Long & Foster Market Minute

Focus On: Lancaster County Housing Market August 2018

Units Sold
16
Active Inventory
229
Median Sale Price
$280,750
Days On Market
481
Down -33%
Vs. Year Ago
Down -15%
Vs. Year Ago
Down
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 16 sold this month in Lancaster County Real Estate versus 18 last month, a decrease of 11%. This month's total units sold was lower than at this time last year, a decrease of 33% versus August 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 39 units or 15%. The total number of active inventory this August was 229 compared to 268 in August 2017. This month's total of 229 is lower than the previous month's total supply of available inventory of 242, a decrease of 5%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last August, the median sale price for Lancaster County Homes was $377,500. This August, the median sale price was $280,750, a decrease of $96,750 compared to last year. The current median sold price is lower than in July.

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


New Listings
27
Current Contracts
24
Sold Vs. List Price
93.6%
Months of Supply
14.3
Up 8%
Vs. Year Ago
Down -4%
Vs. Year Ago
No Change
Vs. Year Ago
Up 28%
Vs. Year Ago

Months of Supply
In August, there was 14.3 months of supply available in Lancaster County, compared to 11.2 in August 2017. That is an increase of 28% 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 27 homes newly listed for sale in Lancaster County compared to 25 in August 2017, an increase of 8%. There were 24 current contracts pending sale this August compared to 25 a year ago. The number of current contracts is 4% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Lancaster County was 93.6% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 481, higher than the average last year, which was 239. This increase was impacted by the limited number of sales.

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.