First half of year locally in real estate looks promising
This week, we were looking at the midyear real estate sales figures (January-June) for all the midstate counties. The signs are positive.
While our area is not experiencing a dizzying explosion, a la Florida or Los Angeles, the gains posted versus 2012 are solid.
Adams and Lebanon counties led the way in unit sales growth, at 36 percent and 10 percent respectively, with York right behind at 8 percent versus last year. Lebanon also posted a 9 percent growth in average sales price over last year – very nice.
In Berks County, prices rose 4 percent, but home sales were off by 12 percent. The story was very similar in Dauphin County, with prices down a hair by 2 percent and sales down 6 percent. Lancaster and Cumberland Counties continued to show steady gains, with prices up 3 percent and 5 percent and sales up 3 percent and 2 percent respectively.
Across the board, the average days on market for homes in all the midstate counties fell, with Dauphin County posting the biggest drop of 15 percent. Lancaster County has the lowest average of the all the counties here, at 76 days. One hundred days remains the rough average for homes in Central PA in general – more than three months on the market is expected.
The reduction in days on market means that homes are selling faster – those that are properly priced are selling that much quicker. Prices are stable to slightly up, and unit sales of homes is mixed, with some areas still off and others showing rebound. 2013 continues to be a “swing year” for our local market, so keep your fingers crossed for a strong finish.