Summer housing market ends strong, despite lengthy home shortage
Facing a rare monthslong shortage of homes available for sale in York County, the region’s housing market still finished the summer on several high notes, according to the Realtors Association of York and Adams Counties.
The median sale price for York County homes sold in August 2017 was $169,900, a 5 percent increase over August 2016, according to RAYAC statistics.
Just under 4,000 York County homes were sold from Jan. 1 to Aug. 31 this year, which represents a 4 percent increase over home sales in the first eight months of 2016.
Housing markets in several York County school districts significantly outpaced other local markets in terms of home sales and median sale prices.
The median sale price for a home in the York City School District is more than five times its August 2016 value. The median sale price for a York City home jumped from $10,500 in August 2016 to $59,900 in August 2017, according to RAYAC statistics.
Southern York and South Western school districts also performed well in August 2017, with median sale prices up 27 percent and 26 percent, respectively, over August 2016 prices.
Though median sale prices rose considerably in those three districts, home sales dropped 44 percent in York City and 5 percent in South Western. Home sales are up 29 percent in Southern York County School District, according to RAYAC statistics.
Between August 2016 and August 2017, homes’ median sale prices rose in 10 of York County’s 16 school districts, while the number of homes sold fell in eight districts, according to RAYAC statistics.
August vs. July: After July’s housing statistics were released, RAYAC President Deborah Goodling said she was expecting somewhat betters number in August, with families looking to buy new homes and move before the start of the new school year.
In 10 of York County’s 16 school districts, more homes were sold in August than July, while median sale prices rose in nine districts over the course of August, according to RAYAC statistics.
In the midst of a rare, prolonged housing shortage, Goodling is continuing to encourage potential sellers to put their homes on the market.
The impressive showings by some school districts’ housing markets in August could be further enhanced, and other districts would fare better, if there were enough homes on the market, Goodling has said.
“We ended the summer on a positive note with increases in both median sale price and number of homes sold for the month of August,” Goodling said in a news release. “Inventory continues to be low as we come into the fall season. If you’re thinking about selling your home, it’s a great time to sell.”