York County housing market still surging in final stretch of 2021
Heading into the final leg of 2021, the York County housing market was in a solid spot for further growth into the new year.
Home sales in York County had increased by 12% since the start of the year — and the market held steady in November, according to data from the Realtors Association of York and Adams Counties.
“We have had an amazing run," said RAYAC President Tina Llorente. "Nationally, we had 6.5 million homes sold in 2021 — expect more in 2022."
That's likely to continue in December, Llorente said, although that report has not yet been finalized.
With low inventory remaining a challenge throughout 2021, low interest rates created a competitive environment for buyers. As a result, houses were bought up shortly after being listed, Llorente said.
With the prospect of new builders adding more homes to the market, Llorente said she hopes it will alleviate the pent-up demand.
The COVID-19 pandemic is still having some effect on the housing market.
"At this point, the only thing we can expect with COVID is supply-chain issues," Llorente said. "It's not going to directly affect everyone."
For example, one of her clients is building a new home — but the windows have not yet arrived. Another family is ready to move into their new home, but they still need cabinets.
For many, it's all about playing the waiting game, Llorente said.
“You’ll have isolated supply-chain issues because of COVID," she added, "but aside from hit-and-miss things here and there, it won't affect the industry as greatly."
Another concern among Realtors and clients is the prospect of increased interest rates into the new year.
According to Llorente, most Realtors are expecting rates to increase by 3.5% or 4% by this time next year.
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Local districts: Several school districts, including South Eastern and West York, saw increases in the number of houses sold in November.
Approximately 32 houses were sold in the South Eastern School District, a 167% increase compared with the previous November, when 12 houses were sold.
West York saw a 79% increase in home sales relative to the same time last year.
South Western and Eastern York school districts experienced a decline in home sales, reporting decreases of 31% and 29%, respectively.
Housing sales are broken down by school district in RAYAC's report.
Llorente encourages anybody who is considering buying a home to do it now.
“The market is in a once-in-a-lifetime phase," Llorente said. "But it's not going to be forever."
— Reach Tina Locurto at firstname.lastname@example.org or on Twitter at @tina_locurto. Please consider subscribing to support local journalism.