COVID-19 and Lancaster’s Current Housing Market
Have you been wondering what the housing market looks like during this COVID-19 crisis? Every month, we release a Lancaster Real Estate Market Report outlining the market’s current supply and demand. In this blog, we’re going to break down our most recent report from May 3rd, 2020.
Whether you’re looking to sell your house or to buy a house in Lancaster, we’re happy to say that the pandemic shouldn’t halt your plans. For more advice on buying or selling during this time, don’t hesitate to contact the Jeremy Ganse Team.
While COVID-19 did initially decrease the number of house sales, here’s what’s happening now in the Lancaster real estate market:
- The current pending ratio is 38.6%, meaning that the inventory of houses on the market is mildly active. A high ratio indicates that listings are in demand and quickly going under contract. A low ratio indicates there are not enough qualified buyers for the existing supply. At 38.6%, the market is in a decent position.
- The majority of the contracts in the last 6 months have closed with an average selling price of $237,189. The $200k – $250k range contains the highest number of sold listings.
- The recent number of days on the market is lower than the average days on the market for the past 6 months, which is a positive sign. Recently, houses are selling faster than the past 6-month average.
- The average list-to-sale ratio for this area is 98.2%, which means that buyers are paying on average 98.2% of the listing price for the final sale.
For more information on the current market, check out our latest report.
Despite the COVID-19 crisis, mortgage rates are still at historic lows and may even drop lower in the coming weeks. However, home prices do often fall during recessions. The current economic downturn is something to keep an eye on and keep in mind if you’re considering selling or buying a home. It’s important to note that individuals whose income hasn’t been significantly affected by the crisis are still looking to buy. Additionally, individuals with houses located in areas of high demand will likely be able to sell their property for its current value.
If you have any questions or concerns about buying or selling a house in Lancaster in the coming months, don’t hesitate to reach out to the Jeremy Ganse Team at 717-208-4240. We’re here to help.