Spring is here! Time to buy a house, right? Or sell your house? The truth is there is not one “right time” to buy or sell a home. The right time to buy or sell is when it is right for you. We help clients successfully buy and sell year round. The spring season is traditionally the busiest time of year for buying or selling in Lancaster County. More listings hit the market in the spring and more buyers jump into house-hunting mode. As the weather improves more listings appear and more buyers get going. This means you have more competition with other sellers when you list and more competition with other buyers when you’re house-hunting in the spring. The winter has fewer listings and fewer buyers, so less competition for everyone. In Lancaster County, this is our third year running with seller market conditions, which has been felt all year, not seasonally. Buyer demand exceeds the number of homes on the market. This is not the case in every price range, but it is especially pronounced for homes listed for sale under $300,000.
Here are some quick stats about the first quarter of 2019 market conditions in Lancaster County (from BrightMLS):
-There are currently 1072 active residential listings for sale. The median days on market (DOM) is 72 and the median list price is $304,900.
-There are currently 872 pending and active under contract listings. The median DOM is 16 and the median list price is $219,900.
-There have been 1121 closed sales in the first quarter of 2019 (01/01/2019 to 03/31/2019). The median DOM was 28 and the median closed sale price was $200,900.
-Of the closed sales in the first quarter, the highest sale price was $1,550,000 and the lowest sale price was $9,000.
What is the right time for you to sell or to buy? It depends on your goals. There are many considerations to get your timing right. Please contact the Lisa Naples Team to set up a time to talk through your goals and we can help you map out a listing plan that fits your timing and goals.