Home sales bounce back in March

After a sluggish winter, home sales in central Pennsylvania rebounded in March as agents hoped for a strong spring market.

Prices also continue to rise, although at a slower pace, as inventory remains tight.

Lancaster

In Lancaster County, March closed sales – 375 – were the same as a year ago and up 52.4% over February (246).

The median sold price was $289,500 last month, 7.2% more than in March 2022 and 11.3% more than in February 2023.

The average days on market were 22, and average sold to original list price ratio was 102.2%, meaning houses were still selling at above asking price.

Joseph Younger, 2023 president of the Lancaster County Association of Realtors, said in an emailed statement that the market is getting busier.

“After a slow start to the year, home sale activity finally gained some momentum in March. Metrics are improving across the board, and optimism for a flush spring market is strong among agents and brokerages. We are still very much in a sellers’ market when we consider inventory levels. Sellers should be looking to take advantage of this incredible market opportunity to list their homes for sale to attract top dollar.”

York-Adams

In York County, 442 houses were sold last month, 15% fewer than in March 2022. In Adams County, the 94 home sales in March were identical to the number from a year ago.

Year to date, the 1,084 settlements in York County are 23% fewer than the first three months of 2022, while the 200 settlements in Adams County are 16% fewer.

The median sales price in Adams County was $269,950, a 6% increase from 2022. The median sales price in York County was $249,490, an 11% increase from last year.

In March alone, the median sales price in Adams County was $274,950 a 3% increase over last year. The median sale price in York County was $261,000, a 4% increase from March 2022.

Reid Weinbrom, 2023 president of the Realtors Association of York & Adams Counties, said in a release that limited inventory is still a problem.

“In York County, the months’ supply of inventory is still below the historically low one-month mark,” he explained.” If we take out new construction homes, there are only 225 homes available for sale in all of York County. That simply is not enough to meet the housing demands of our population. One of the main reasons behind the decrease in the number of home sales in our community is a lack of inventory.”

Harrisburg area

In the three counties covered by the Greater Harrisburg Association of Realtors, sales were up significantly month over month.

The jumped 22.3% from February to March in Cumberland County (157 to 192); 26.8% in Dauphin County (179 to 227); and 52.3% in more rural Perry County (23 to 35), with its small sample size.

In Cumberland County, the median sold price was $287,450 in March, up 2.7% year over year and up 6.5% month over month. The median sold price was $222,500 in Dauphin County, 8.1% more than in March 2022 and 8.5% more than in February 2023.

In more Perry County, the median sold price of $230,000 was up 6.5% year over year and 7% month over month.

Average days on market was 30 in Cumberland, 32 in Dauphin and 40 in Perry. In March, average sold to OLP ratio was 99.3% in Cumberland, 98.5% in Dauphin and 98.4% in Perry.

Wendell Hoover, 2023 president of the Greater Harrisburg Association of Realtors, said in an email that it is still a seller’s market in most price ranges, with properly priced houses selling at or above list price in most cases.

The biggest negative is limited inventory, he said, which affects nearly all segments of the market.

“The supply of homes to sell has increased compared to the previous months,” Hoover said. “However, there is more than enough demand for the current levels of inventory. We are hopeful that there will continue to more homes listed as we (move) into spring and summer.”

Paula Wolf is a freelance writer