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Home > Market Update December 2017

Market Update December 2017

January 28, 2018 by ptrimble Leave a Comment

Lancaster County Real Estate Continues to Strengthen

 

 

 

Over the past 18 years the number of homes sold in Lancaster County is as follows:

2000 – 5,047     2004 – 6,160     2008 – 4,513     2012 – 4,683     2015 – 5,558 

2001 – 5,592     2005 – 6,453     2009 – 4,482     2013 – 4,954     2016 – 6,095

2002 – 5,956     2006 – 6,029     2010 – 4,098     2014 – 4,960     2017 – 6,200 

2003 – 5,801     2007 – 5,746     2011 – 4,006

 

We have just finished the 6th consecutive year with sales increases, after 6 consecutive years of year over year declines, since the peak of 6,453 in 2005.  2017 marks the 5th straight year of year over year price increases, after posting 5 consecutive years of year over year declines, since the price peak in 2007.  With the increases in 2017, housing prices are now above 2007 levels. Of course, this will vary depending on the location, price point and condition of the home.  Inventory levels have declined steadily for 78 months. The increase in sales, continued decline in inventory and increase in prices indicates that the Lancaster County real estate market continues to strengthen. While high end homes continue to struggle, we have returned to a “seller’s” market in most other price ranges.

My expectation is that we will see the sales momentum continue in 2018 with sales levels returning to close to or exceeding 2005 levels.  Further, I expect that we will see prices continue to firm up in 2018 with increases in the 3% to 4% range. Mortgage interest rates will rise in 2018 but I expect the market recovery will be able to “absorb” the increased costs to buyers.

The market correction has created a “wants based” mindset across all price ranges, which previously existed in just the higher end markets.  Thanks to the internet, social media and HGTV, buyers and sellers are much more educated and savvy.  This cuts both ways but most benefits the buyers and sellers who are able to apply the information to their advantage.

While we have returned to a seller’s market, seller’s still need to meet 2 criteria:

  1. A home needs to be priced correctly.  This seems obvious, but pricing homes remains an art, not a science and it is difficult to determine just where the right price is in this market.
  2. Condition of the home.  The home must be in good condition.  This means it must be clean, uncluttered, neutral, functional and updated.  Again, this sounds obvious, but is not easily obtained in many homes. 

If a home does not meet these 2 simple criteria, the seller will be “punished” both on selling price and the time on the market.  If it does meet the criteria, the home will sell and sell relatively quickly at a “premium” price.

With all the above said, you need not be fearful to step into the market as long as you are careful and realistic.  As a seller, you need to make sure you have done all you can to maximize the value of your home.  As a buyer, you need to be sure that you have your financing in place, understand all the new lending regulations and are well versed in the nuances of the marketplace.  Whether you are a buyer or a seller, you need an excellent Realtor!

Hopefully, this information has been helpful to you to put the market in perspective.   Please contact me if you, or someone you know, have any real estate needs or questions or if you want to discuss market conditions.  I look forward to working with you, or your referrals, in the future. 

Patrick Trimble
717-560-9100  Office
717-286-9686  Direct
Team@TeamTrimble.com
www.PatrickTrimble.com

 

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Filed Under: Buyer Resources, General, Home Owner Resources, Market News and Updates, Seller Resources

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Patrick Trimble * Elizabeth Bowlin
Dave Dilworth * Brian Donmoyer
Allison Deutsch * Debra Burke
Zachary Trimble * Sue Gunselman
Shelley Henry

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(717) 560-9100 Office
150 North Pointe Boulevard
Lancaster, PA 17601
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