Fewer sellers, but housing sales continue to climb in York County
Fewer sellers are getting involved in the housing market in York County — a trend that is keeping the market strong, Realtors said.
May's housing statistics, collected by the Realtors Association of York and Adams Counties, increased by 129% relative to the same time period last year.
Although the increase is on par for housing data generated across the United States, RAYAC President Tina Llorente said it's important for folks to put the data into context in relation to last year's pandemic shutdown, which prevented agents from selling homes in person for nine weeks.
"Things are going very well in the housing market," Llorente said. "As you can tell from the numbers, we continue to watch as we have a robust demand from buyers."
Many of the factors encouraging buyers to enter the market quickly — including a lack of inventory, low interest rates and fewer sellers — continue to dominate the housing market in York County, Llorente said.
Additionally, new trends in differing age groups have altered the housing market in York County.
For example, Llorente said, fewer baby boomers are selling their homes, preferring to renovate and stay put. On the flip side, a large demographic of millennials is entering a period of their lives when they are ready to settle into a home.
"It's the perfect storm," she said.
Through the end of May, 2,573 houses had been sold this year, a 29% increase over the same period last year, during which 1,988 homes were sold, according to statistics provided by RAYAC.
"They're skewed still on the high side just because of the shutdown," Llorente said, adding that the numbers will straighten out by the fall.
Several school districts, including South Eastern and York City, saw significant increases in the number of houses sold in May.
In May, 40 houses were sold in South Eastern School District, a 344% increase compared with the previous May, when nine houses were sold.
York City saw a 269% increase in home sales relative to the same time last year.
Only Northeastern School District experienced a decline in housing sales, reporting a decrease of 14%.
Housing sales are broken down by school district in RAYAC's report.
"This is one of the best times ever to buy a home versus renting," Llorente said, adding that historically low interest rates hovering around 3% have contributed to making it an ideal time for buyers.
— Reach Tina Locurto at firstname.lastname@example.org or on Twitter at @tina_locurto.