York PA July 2009 and July 2010 Real Estate Comparison Report

Home Sales Comparisons for July 2009 and July 2010 in York County PA



July 2009

Homes sold = 407, Total new listings = 859, average list price sold was $189,141 and sold price was $183,511, Average unsold median price was $228,398.

July 2010

Homes sold = 271, Total new listings = 741, average list price sold was $176,203 and sold price was $170,014, Average unsold median price was $370,201. The amount of time it will take the market to absorb the current inventory (3,220) would be 11.88 months.

As you can see that there was a -33% decrease in sales from a year ago. With a total inventory of 3,220 currently unsold homes, properties must be positioned at the correct price or the market (buyers) will reject the over priced properties. Most surprising is the huge jump in the unsold median price of homes ($370,201) which is a indication that the upper price brackets are not selling and continue to build in the inventory of homes. This is an alarming trend that must be reversed sooner rather than later.

With the current interest rates hovering in the low 4's NOW is the time to buy a home at low prices and with potentially low principle and interest payments. I believe the current economic uncertainty must be cleared up and property taxes always on the rise are putting a damper effect on higher end homes. Something must be done in Harrisburg soon or we face a worsening crisis with high end homes.