Extended home shortage in York County continues to push prices higher
As a trend of low housing inventory continues in York County, it's a huge driver for sale prices.
The median sale price for a home in the county purchased within the first six months of the year increased by 6 percent to $172,900 compared with the same period in 2017, according to monthly data released by the Realtors Association of York & Adams Counties.
And the June price of $187,500 — a 5 percent increase over the same month last year — was the highest in June in 10 years, said RAYAC president Ken Worley in a news release.
Worley has said that if sale prices get too high, the county could be facing another market crash, such as what happened in 2006 before prices fell.
But prices would have to endure big jumps in short periods of time to cause any concern, he said, when asked about the June statistics.
A house selling for $250,000 would two months later be valued at $265,000, he said of the market in 2006 or 2007 before the crash.
York County is not seeing those increases, he said. Although prices are high, sellers are, for the most part, getting their asking price.
Quick to sell: Because of the low inventory, houses are not on the market for that long.
“In June, the median property marketing period was just 20 days in York County, the shortest time on market of any month in the past 13 years," Worley stated.
"And, although in York County sales were 1 percent below this same time period last year, they were the second-highest number of sales in the first six months in the last 10 years,” he added.
However, in a comparison of June 2017 and June 2018, homes sales fell 8 percent, with just 601 sold.
"There's nothing to become excited about," Worley said of the low number of sales, remarking that it has a lot to do with the time of year — people focusing on graduations and vacations — as well as the lack of inventory.
January-June: For the first six months of 2018, Eastern York School District saw the biggest spike in home sales — 29 more homes sold, for a 37 percent increase.
The biggest drop came from Red Lion Area School District, selling 67 fewer homes, for a 25 percent decrease.
Overall, more districts saw an increase in home sales than saw a decrease, but the gains were smaller — with many under 10 percent.
The decreases were larger, with four districts decreasing in home sales by 14 to 25 percent. However, they evened out to a total of just a 1 percent decrease — which amounts to 40 fewer homes sold in the first six months of the year compared with 2017.
York County's median sale price rose 6 percent, with all district medians rising, except for Spring Grove, which saw no change. York City's rose the most, increasing 28 percent from $49,500 to $63,400.
June: Another big spike for Eastern York School District came in June, with a 47 percent increase in home sales.
The next highest in sales was Northern York, with a 19 percent increase, but the rest were relatively small increases, reflecting what happened over the first six months of the year.
A number of decreases led to an 8 percent overall drop in home sales last month, with the biggest drops being 35 percent in Spring Grove Area School District and 21 percent in the Northeastern district.
In June, a total of 51 fewer homes sold in the county.
Median sale prices rose 5 percent, with the biggest jump coming from Central York School District — rising 29 percent from $189,900 to $245,000.
Most of the decreases were minor, with the largest being 11 percent from South Western, paired with an 18 percent drop in the district's home sales.