Seller's market continues for York County
A seller's market continues in York County, with an 11 percent increase from 2016 to 2017 in homes sold and a 6 percent increase in median sale price within the same period, according to a year-end RAYAC report.
About 600 more homes were sold — a total of 6,243 in 2017 — and the median sale price rose $10,000 to $169,900.
West Shore and Northern York school districts had some home sales listed under two Multiple Listing Systems in 2016, so numbers for those districts that year were lower than the actual number of homes sold. Without numbers from those two districts, home sales in York County show a 6 percent increase from 2016 to 2017.
“We ended 2017 on a strong note," said Ken Worley, president of the Realtors Association of York and Adams Counties, in a news release.
“This is the fifth year in a row with increases in sales price and the sixth year for increases in the number of homes sold for York County," he continued.
Worley named steady interest rates and consumer confidence as reasons for the upward trend.
"I think consumers have more confidence in the economy," he said.
A national report states that 76 percent of homeowners think now is a good time to list their homes for sale, he stated in the release.
"If I were a consumer and I was thinking about selling my property, I would definitely list now because of the low inventory," Worley said.
Housing inventory was low in 2017 and continues to be low into 2018, he said, making it a great time to sell.
Though historically, spring has been a good season for selling, Worley said that even over the holidays, the market was strong.
If homes were priced properly, in a good location and in good condition, they were selling quickly, he said.
"None of us have a crystal ball," he said. "We have no idea what's going to happen in the future. We can only speculate."
The Dow Jones Industrial Average dropped 4.6 percent on Feb. 5 — the largest drop since August 2011 and a turning point from a steady rise since Election Day, according to an article from CNN Money.
That might affect the market long-term, Worley said, but he believes this year will bring an increase in interest rates and a rise in home values and listings sold.
Year-end: West Shore and Northern York school districts saw the largest percentage increase in homes sold from 2016 to 2017, with 74 percent more homes sold in Northern York and 64 percent more homes sold in West Shore.
Twelve school districts increased in number of homes sold from 2016 to 2017, with three experiencing a dip of less than 10 percent each and one having no change.
All county school districts increased in median sale price within that period except for Dover, which decreased by 3 percent, and Northern York, which saw no change.
The biggest median sale price increase was in the York City School District, going from $41,612 in 2016 to $53,000 in 2017.
Overall, the county had an 11 percent increase in homes sold (or 6 percent without Northern York and West Shore school districts) from 2016 to 2017 and a 6 percent increase in median sale price.
The total number of homes sold in 2017 was 6,243, and the median sale price for the year was $169,900.
December: In York County, 417 homes were sold in December 2017 — an 11 percent decrease from the same month in 2016.
The median sale price in York County in December 2017 was $166,700, a 6 percent increase from the previous year.
December's housing market in 2017 showed decreases in homes sold compared with 2016. Six school districts in York County sold at least 20 percent fewer homes in 2017 than 2016.
Five school districts increased in homes sold — Dallastown with the largest increase, 31 percent, and Dover in second with 25 percent.
Four school districts increased 20 percent or more in median sale price from December 2016 to December 2017, with South Western having the biggest jump of 33 percent from $146,750 to $195,500.
The total median sale price for the county increased by 6 percent from December 2016 to December 2017, leaving a year-end median sale price of $166,700.