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Mild weather spurs home sales
The lack of snow in York County this winter might disappoint some, but the mild weather has helped the housing market continue its hot streak.
Nearly 330 homes were sold during the month of January in the county, according to a report from the Realtors Association of York and Adams Counties.
That figure represents a 14 percent increase over January 2016 and marks the 26th consecutive month of year-over-year home sales growth.
Deborah Goodling, RAYAC president, said heavy snow tends to slow real estate transactions, but the mild winter has allowed the market to continue growing.
Last year, nearly 5,650 homes were sold, the most in the county since 2006, according to RAYAC statistics.
Goodling said interest rates have remained low, which makes now a great time to buy.
Low inventory: Now might also be a good time to sell, as inventory levels currently show more buyers than sellers in the market.
Goodling said the county has just more than three months of inventory available, while a balanced market would have six months.
The statistic indicates how many months it would take for all homes on the market to sell, based on monthly sales volume, according to RAYAC. Higher numbers indicate more sellers, while lower numbers indicate more buyers.
The last time a six-month supply was available in the York County market was August 2015, RAYAC statistics show.
Goodling said the state has a four-month supply, so low inventory is an issue Realtors are dealing with across Pennsylvania.
Low inventory typically leads to higher sales prices, and that proved to be the case in York County in January.
Homes sold for a median sale price of $168,000, which represents a 16 percent increase over January 2016, according to the report.
The median sale price for county homes in 2016 was just shy of $160,000, which was a 5 percent year-over-year increase.