The Long & Foster Market Minute

Focus On: Lancaster County Housing Market July 2018

Units Sold
17
Active Inventory
242
Median Sale Price
$285,000
Days On Market
249
Up
Vs. Year Ago
Down -13%
Vs. Year Ago
Down
Vs. Year Ago
Down -20%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in July, with 17 sold this month in Lancaster County Real Estate. This month's total units sold was higher than at this time last year, an increase from July 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 37 units or 13%. The total number of active inventory this July was 242 compared to 279 in July 2017. This month's total of 242 is higher than the previous month's total supply of available inventory of 236, an increase of 3%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last July, the median sale price for Lancaster County Homes was $297,500. This July, the median sale price was $285,000, a decrease of $12,500 compared to last year. The current median sold price is lower than in June.

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


New Listings
37
Current Contracts
21
Sold Vs. List Price
90.0%
Months of Supply
14.2
Down -16%
Vs. Year Ago
Up 24%
Vs. Year Ago
Down
Vs. Year Ago
Down -39%
Vs. Year Ago

Months of Supply
In July, there was 14.2 months of supply available in Lancaster County, compared to 23.3 in July 2017. That is a decrease of 39% 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 37 homes newly listed for sale in Lancaster County compared to 44 in July 2017, a decrease of 16%. There were 21 current contracts pending sale this July compared to 17 a year ago. The number of current contracts is 24% higher than last July.

Sale Price to List Price Ratio
In July, the average sale price in Lancaster County was 90.0% of the average list price, which is lower than at this time last year.

Days on Market
This month, the average number of days on market was 249, lower than the average last year, which was 310, a decrease of 20%.

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.