Small increases in inventory returning to York County housing market
York County Realtors are finally seeing a small increase in inventory floating back into the housing market.
A lack of inventory, which has historically been a problem in York County for years, was worsened by the COVID-19 pandemic.
However, the fast-paced sellers market is finally slowing down due to new inventory, according to Tina Llorente, president of the Realtors Association of York and Adams Counties.
This slowdown is especially good for buyers, Llorente said.
“At least they have a choice now between property A, B and C, where before it was ‘take A or leave it,’” Llorente said. “Now they have a slightly bigger pool to choose from."
In the peak of the housing market earlier this year, houses quickly came and went from the market in less than a week.
While more inventory may be good news for buyers, Llorente said for sellers there will be more competition.
In August, 731 homes were sold in York County — a 1% decrease from the same time last year when 738 houses were sold, according to RAYAC's monthly report.
In addition, 4,743 homes were sold during the first eight months of 2021, an 18% increase from last year.
In a normal market, Realtors expect there to be about six months of inventory available. In York County, inventory is hovering at one month — still "historically tight," Llorente said.
“We’re anticipating a little bit more inventory to continue to come on the market as we get into the fourth quarter," she added.
Several school districts, including Dover Area and Hanover Public, saw increases in the number of houses sold in August.
Approximately 44 houses were sold in the Dover Area School District, a 19% increase compared with the previous February, when 37 houses were sold.
Hanover Public saw a 13% increase in home sales relative to the same time last year.
Dallastown Area and Eastern York school districts experienced a decline in home sales, reporting decreases of 24% and 33% respectively.
Housing sales are broken down by school district in RAYAC's report.
— Reach Tina Locurto at email@example.com or on Twitter at @tina_locurto.