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If housing trend continues, York County could break record by year's end
If values continue to rise, York County homes could reach their highest sale prices ever, according to the Realtors Association of York and Adams Counties.
“York County is on pace to equal or exceed the highest median home sale price on record," said RAYAC president Ken Worley in the association's August report.
The current benchmark is from 2007 — at $174,900.
Eight months into the year, the county ha surpassed that number with a $175,000 median sale price, but the total could shift in either direction before year's end.
The trend continues: For more than a year, low inventory has driven up prices and supported a seller's market.
More than 3,300 homes were sold in the county over the first seven months of 2017, a 4 percent increase over the same period the year before. Within the first eight months of 2017, RAYAC reported a total of 4,184 homes sold.
This year's total of 4,142 homes sold from January through the end of August is a 1 percent decrease from last year.
Low inventory continues to be a reality for York County and the reason for its rising values, Worley said.
Members of the National Association of Realtors are seeing a continued strong buyer demand moving into the fall season, Worley wrote in the monthly report.
Jan.1-Aug.31: The county was split evenly — with eight school districts seeing increases and eight seeing decreases — in home sales from Jan. 1 to Aug. 31, compared with the same period in 2017.
But a couple of larger decreases weighted the county total toward a net 1 percent decrease.
York Suburban saw the biggest drop in home sales from 2017-2018 in the eight-month period, with a 20 percent decrease. Close behind was South Eastern, with an 18 percent decrease.
The more significant change occurred in median sale prices within that period from 2017 to 2018.
York City had the biggest jump, from $53,000 to $63,900 — a 21 percent increase.
No school district saw a drop, but Spring Grove and South Eastern saw no change.
Overall, the median sale price for the county increased 6 percent, from $165,000 in the first eight months of 2017 to $175,000 in the same period in 2018.
August: Home sales stayed relatively consistent across the districts in the month of August, with a 1 percent decrease from 2017 to 2018.
But the median sale price rose dramatically — a 12 percent increase from last year's $169,900 to $189,900.
Central York had the largest increase — up 42 percent from $160,000 to $227,500 — which is on par with its home sales, increasing 43 percent from 2017 to 2018.
Dallastown had the second largest increase in median sale price, reaching $213,500 this August — a 17 percent increase over last year's $182,500.
Although the county's districts saw some big changes in home sales from August 2017 to the same month in 2018, many of them canceled each other out.
For example, a 39 percent increase in sales in Spring Grove was matched with a 38 percent decrease in South Eastern, and a 22 percent increase in Dallastown saw an equal decrease in Eastern York.
Overall, in the month of August, 593 homes were sold in 2018, compared with 601 in 2017.