Slide 3:
Remember, in 2009 we were dealing with the first homebuyer tax incentive – this caused a bump in home closings at the end of November 2009. As a result this November’s sales were almost 30% off last year at 310.
Slide 5:
New listings were up 13% over 2009 and total listings active are up 17%, near record highs. LOTS of houses on the market to choose from!
Slide 7:
Highest amount of new November listings in years (red line)
Slide 9:
Pending sales continue to hold steady (red line) – lots of homes have “home sale contingency” contracts on them, which may fall through if the buyer’s home doesn’t sell.
Slide 11:
After the huge spike in late spring (red line), home sales (actual closings) have stabilized but run at run near historic lows.
Slide 12:
On balance, I think the local Lancaster real estate market has rebounded as well as can be expected from the crazy abnormal spring of the homebuyer tax credit, with slow but steady sales taking place.
The challenge for the first part of 2011 will be overcoming high home inventory numbers when the spring sales resurgence takes off.
Slide 13:
Questions: Email me at jeff@yourlancasterhome.com