York housing market reaching pre-crash levels
With one month remaining, 2016 has already seen more homes sold in York County than in any year since 2007.
A total of 5,160 homes have been sold through November, according to a report from the Realtors Association of York and Adams counties.
Barring an unforeseen drop in sales stats in December, York County will surpass 2007 totals, when a nationwide housing market crash led to sharp declines in the county's sales numbers.
A total of 5,307 homes were sold in the county in 2007, and that number fell to 3,886 homes in 2008, according to RAYAC stats. Sales numbers hit a low in 2011, when just 3,479 homes were sold in York County.
Tony Thomas, RAYAC president, said local Realtors have been expecting this rise, and the numbers could have been even higher if not for a shortage of sellers in this area.
The inventory shortage has occurred the past few years in larger surrounding markets, including Baltimore and Philadelphia, and has trickled into York this year, Thomas said.
The high demand and stressed supply has created a seller's market, with prices expected to continue growing, he added.
Median sale prices on homes in the county are up 4 percent over last year, according to RAYAC's report.
The 412 homes sold during November came at a median sale price of $155,000.
Thomas noted that he recently attended a National Association of Realtors conference in Orlando, Florida, where he learned that millennials are expected to continue driving buyer demand.
Unlike previous generations, millennials appear more interested in buying homes in metro areas to reduce travel time for work and entertainment, he said.
Those trends bode well for the future of home buying in York City and surrounding areas, Thomas said.
Home sales in West York and York City are up 32 percent and 18 percent, respectively, over last year, according to RAYAC's report.