June home sales in Lancaster County up 36% over May

Lancaster County’s real estate market continues to be extremely active, with June home sales up almost 36% over May.

Last month’s total of 666 settlements also was 87.6% more than the 355 from the year before. While June 2020 was the first full month in-person real estate meetings in Pennsylvania were allowed after COVID-19 restrictions, many potential sales had yet to go through.

The report for June 2021 is from Bright MLS, with the caveat that it may not reflect all activity in the county.

Here are some more June numbers:

• The median sold price was $260,000, a 9.7% jump over the $237,100 recorded a year earlier.
• New listings were 725, which was 8.2% more than in June 2020.
• Average days on market was 16, compared with 44 the prior year. Almost 500 of the 666 houses sold were under contract within 10 days.
• The average-sold-to-original-list-price ratio was 104%, as the competition among buyers led to many offers above asking price.
• Sold dollar volume reached $194.34 million, more than double the $94.53 million in June 2020.
• The average attached home went for $213,033 in Lancaster County, while the average detached house sold for $348,701. Both figures posted a healthy increase from a year ago.
• The busiest market sector was the $200,000-$299,999 range.

In addition, the report noted that the top three methods of financing a home purchase were a conventional mortgage (396), cash (173) and a Federal Housing Administration loan (56).

Carole Kirchner, an agent with Berkshire Hathaway HomeServices Homesale Realty, addressed the sizable number of cash buyers.

“Some are waiving everything, even the mortgage contingency, which makes it seem like they possibly are paying cash,” she wrote in an email.

“Also, some buyers are paying cash by getting funds from friends or family members to secure a house in this seller’s market, and not getting a mortgage.”

Asked if first-time purchasers were having trouble with affordability, Kirchner said: “It’s challenging right now for your FHA and VA buyers to compete, but I would still not give up if that was the type of financing they need to use.”