The Market
312 homes sold in Lancaster County in the month of November, up 2% from November 2010.  Pending Sales, homes that went under contract, increased 12% in November compared to November 2010.  This has helped further decrease the overall Supply of Inventory of homes for sale.  In fact November is the 4th consecutive month of improvement for this category.   Now at 10.21 months of inventory, it had peaked in July at 11.53.  (4-6 months of inventory is ideal.)  We still have a way to go, but there are certainly signs of improvement.

The segment of the market seeing the most activity continues to be the under $200,000 price level (entry level homes), which accounted for 68% of the number of homes that went under contract and 70% of the number that sold in November.  Because of the high percentage of entry level homes selling, the Average Sale Price in the county continues to drop and in November was $173,123.


What's The Going Rate?
RATES ARE STILL VERY LOW….3.875% on a 30 year note and 3.375% on a 15 year note.  Yes, I did say 3.875% for a 30 year rate!  That’s amazing!  With rates so low and inventory so high, there are some incredible opportunities out there right now!

Thinking of Buying?
Do you have a goal of purchasing a home in 2012?  If so, you may want to get started early in the year.  We are starting to see some sustained improvement in the overall economy and in the housing market.  If this continues I would not be surprised to see interest rates start to rise.  Winter is a great time to be searching for a home because there are fewer buyers to compete against and there is plenty of inventory to choose from.  I’d be happy to help you get the process started.  Give me a call today.  If you are curious to know what is currently for sale, click here to receive a Daily Email List of Homes for Sale as they Hit the Market!

Thinking of Selling?
Many people thinking of selling in the near future tend to believe that it is best to wait until warm weather returns before putting their home on the market.  That may be true in years past during better markets, but in the current market, I don’t recommend waiting.  With the interest rates staying so low, buyers would be wise not to wait until the warmer weather to buy.  If you are thinking of selling, now is a great time for us to meet to get things started.  I can walk through your home with you and give suggestions as to how best prepare your home for the market.  Give me a call or Click here to request a Home Value Report.

I gladly welcome any questions/comments you may have about this information.  And please keep me in mind if you come across someone considering buying or selling real estate in Lancaster County.  Referrals make up a large part of my business!  And feel free to pass this post along to anyone you think could benefit from it!