Lancaster Home Sales: Third Quarter 2008
According to a recent report by the Lancaster County Association of Realtors® (LCAR), the 1,166 homes sold in the third quarter of 2008 is a 28.4 percent decrease from the third quarter 2007 mark of 1,628. This year there were 437 sales in July, 392 in August and 337 in September; this compares to 584 in July of 2007, 617 in August and 427 in September. The five-year average of third quarter home sales is 1,600. The average sale price for the third quarter of 2008 is $192,755, a decrease of 3.3 percent from the third quarter 2007 price tag of $199,318. The five year average third quarter sale price is $188,103, and the average third quarter price in 1998 was $125,132. (Note: July and August 2007 were the only two months to ever record an average sale price in excess of $205,000.)
The median sale price for the third quarter of 2008 was $177,000 compared to $180,000 for the third quarter of 2007 (half of the properties sold during this period sold above the number, and half sold below). For the first three quarters of 2008, the median sale price was $174,900 compared to $175,900 in 2007.
Lancaster County Housing Market - Third Quarter Statistics
| 5 Year Average | Record | 2007 | 2008 | Q3 Trend | |
| Settled Units | 1,600 | (2005) 1,772 | 1,628 | 1,166 | Down 28.4% |
| Average Sales Price | $188,103 | (2007) $199,318 | $199,318 | $192,755 | Down 3.3% |
| New Listings | 2,229 | (1995) 2,488 | 2,419 | 2,176 | Down 10.0% |
This information has been reprinted with permission from House Calls, the Official Publication of the Lancaster County Association or Realtors..
| Buyer's Market | 1 | 2 | 3 | 4 | 5 | Seller's Market |
Delaware County Labor Market
In the first two months of the second quarter, 2,890 jobs were added to the payrolls of Delaware County. As a result of these new jobs, the average monthly employment rate fell from 4.8% during the first quarter to 4.7% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.
Delaware County Housing Market
| Q1 08 | Q1 08 | Q2 2008 (Forecast) | |
| Average Price | $247,600 | $272,300 | Up |
| # Homes on the Market* | 3,533 | 5,070 | Same |
| " Homes Sold | 1,119 | 1,704 | Down |
| #New Homes Built ** | 60 | 76 | Down |
| Average # of Days on Market | 74 | 69 | Up |
* Available as of June 30 2008
** During the first two months of 2nd quarter
This information has been reprinted from the Economic and Market Watch Report with permission from TREND.
| Buyer's Market | 1 | 2 | 3 | 4 | 5 | Seller's Market |
Chester County Labor Market
In the first two months of the second quarter, 2,722 jobs were added to the payrolls of Chester County. As a result of these new jobs, the average monthly unemployment rates fell from 3.8% during the first quarter to 3.6% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.
Chester County Housing Market
| Q1 08 | Q2 08 | Q3 2008 (Forecast) | |
| Average Price | $359,400 | $385,200 | Up |
| # Homes on the Market* | 4,162 | 5,939 | Same |
| " Homes Sold | 930 | 1,626 | Down |
| #New Homes Built ** | 324 | 285 | Down |
| Average # of Days on Market | 90 | 75 | Up |
* Available as of June 30 2008
** During the first two months of 2nd quarter
This information has been reprinted from the Economic and Market Watch Report with permission from TREND.
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