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March housing report: York's inventory slowly increasing
York County's monthly home sales continued its yearly improvement in March as local Realtors await the expected flood of inventory for spring and summer.
A total of 409 homes were sold in the county during March, according to a report from the Realtors Association of York and Adams Counties (RAYAC). That figure represents an 8 percent increase over sales during March 2015.
That statistic has now increased for 16 straight months, according to previous RAYAC reports.
Since the beginning of 2016, a total of 1,038 homes have been sold in York County, compared to 933 sold during the first quarter of 2015.
"If the first quarter is indicative of what we're going to see the rest of the year, it should be a great year," said Deborah Goodling, RAYAC's vice president.
The yearly sales growth has occurred despite concern from Realtors about the lack of inventory during the end of 2015 and beginning of 2016.
According to RAYAC reports, the number of active listings during the fourth quarter of 2015 was down 529 homes in York compared to the fourth quarter of 2014.
RAYAC President Tony Thomas previously said he expected spring to bring a major increase in inventory, and Goodling said they're starting to see that increase, but it's still early.
"We're seeing a steady flow (of inventory), but the market isn't flooded yet," Goodling said. "We're still hoping for that influx of sellers."
Goodling added that the quality of homes hitting the market has stayed the same since the beginning of the year, and the average time of homes on the market is expected to be significantly down during the spring.
Thomas also previously said that the high demand and low supply would begin driving up home sale prices, but March's median sale price of $145,000 in York was actually down slightly from the previous year.
Goodling said short sales and foreclosures were bringing that figure down. Short sales and foreclosures, which were rampant a few years ago due to the Great Recession, have decreased significantly, but Goodling said she doesn't see the issue going away completely in the near future.
Overall, the median sale price of homes in York County during 2016 has been $144,900, which is a 4 percent increase over the first quarter of 2015.
— Reach David Weissman at email@example.com.