The Long & Foster Market Minute

Focus On: Lancaster County Housing Market May 2018

Units Sold
21
Active Inventory
224
Median Sale Price
$285,000
Days On Market
318
Up
Vs. Year Ago
Down -15%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in May, with 21 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 May 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 40 units or 15%. The total number of active inventory this May was 224 compared to 264 in May 2017. This month's total of 224 is higher than the previous month's total supply of available inventory of 220, an increase of 2%.

Median Sale Price
Last May, the median sale price for Lancaster County Homes was $305,000. This May, the median sale price was $285,000, a decrease of 7% or $20,000 compared to last year. The current median sold price is 15% higher than in April.

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


New Listings
33
Current Contracts
24
Sold Vs. List Price
93.9%
Months of Supply
10.7
Down -20%
Vs. Year Ago
Up 9%
Vs. Year Ago
Down -2%
Vs. Year Ago
Down -60%
Vs. Year Ago

Months of Supply
In May, there was 10.7 months of supply available in Lancaster County, compared to 26.4 in May 2017. That is a decrease of 60% 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 33 homes newly listed for sale in Lancaster County compared to 41 in May 2017, a decrease of 20%. There were 24 current contracts pending sale this May compared to 22 a year ago. The number of current contracts is 9% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Lancaster County was 93.9% of the average list price, which is 1.9% lower than at this time last year.

Days on Market
This month, the average number of days on market was 318, higher than the average last year, which was 179. 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.