Select a topic of interest below for a review of the real estate market. Mark this page as one of your "Favorites" and return each month for business updates.
House Calls
is an on-line publication provided by the Lancaster County Association of Realtors. In it you'll find all the specifics. Check back here for the latest facts and figures each month.
The closed volume for CBHSG in Lancaster County is UP 18.6% compared to the same period in 2001. The closed volume for Lancaster County Association of Realtors, as reported in the July 2002 issue of "House Calls" is UP 15.9%.
Obviously, the Real Estate market is great and Congratulations to Coldwell Banker Homesale Services Group for increasing the closed volume at a pace greater than the competition! We know how to sell real estate.
If you're ready to buy or sell a home, give us a call at (717) 203-6049.
IT'S YOUR MOVE.
Want to join a winning real estate team? Click on The WELLS Team.
IT'S YOUR CAREER MOVE.
Spring Surge on the Internet
CONSUMERS BEGIN HOMEBUYING SEASON EARLY ONLINE AS REALTOR.COM' VISITS HIT ALL-TIME HIGH
WASHINGTON, DC ' March 20, 2002 '
Spring typically kicks off the home buying season, but record visits to REALTOR.com', the official site of the National Association of REALTORS' in January and February indicate that consumers are dipping their toes in the water early online.
As the recession ebbed and nationwide home sales remained strong, REALTOR.com saw 4.17 million unique visitors to its site in February, according to new data from Jupiter Media Metrix. REALTOR.com was also ranked as the number one homes-for-sale Web site in February according to Nielsen/NetRatings with 4.20 million unique visitors. The average home listed on the site was viewed more than 350 times, according to REALTOR.com's internal logs.
"REALTOR.com is a leading indicator that the home buying season begins online and we are very pleased to see our volume at an all-time high. Consumers are not only taking advantage of REALTOR.com's listings and features to do their homework, but one in three overall visitors is contacting a REALTOR from the site, according to a recent survey," said REALTOR.com President Steve Ozonian.
"Strong home sales continue to be a pillar in the economy and we're delighted that the enthusiasm with which homebuyers are coming to the REALTORS' own site seems to indicate a good season ahead for our members," said NAR President Martin Edwards, Jr.
In addition to the more than four million individuals visiting REALTOR.com, Jupiter Media Metrix reported that the average visitor looked at 47 pages and spent an average of almost 17 minutes per visit on the site during the month. Visitors to REALTOR.com also spent 149.3 million total minutes during the month, five times greater than the closest competitor.
In the face of a recession, Lancaster County's housing market remains defiant.
In January, there were 391 houses sold county wide, up 19.9 percent from 326 sales during the same month last year, according (to) a report released Tuesday by the Lancaster County Association of Realtors.
What's more, the average price tag on a home sold here last months was an astounding $139,266 -- a record for any month. Last January, the average selling price of a county home was a mere $121,443.
". . . It appears we're off to another great start for the local real estate industry," said Tom McDermott, president of the local Realtors' group.
The local housing market has been on a tear, despite the economic downturn and the Sept. 11 terrorist attacks.
Sales of existing county homes soared in 2001 to an annual record 5,768, surpassing the previous record of 5,533 home sales in 1999. Last year, there were 5,047 houses sold in this county for a record annual average selling price of $132,034.
Analysts attribute the continued home-selling binge county wide to historic low interest rates on 30-year mortgages. Last year, the average rate on a 30-year mortgage was 6.97 percent. Rates have crept up a little, but continue to allow consumers to purchase more house for their money.
In January, houses here kept moving on and off the selling block quickly. Of the homes sold last month, 41.7 percent of them were for sale 30 days or less, 21.3 percent were on the market for 31 to 60 days, while 12.3 sold in 61 to 90 days.
The robust buying and selling has depleted the county's inventory of homes for sale. New listings of houses on the market fell 1.4 percent in January to 564 homes, compared with 572 new listings in January 2001.
Still, economic indicators point to another solid year for home sales in 2002, McDermott said.
I suspect that you're as drained as we all are after listening to the K-Mart, Ford, and Enron news lately. This positive excerpt is from a recent article by Alex Perriello, President
and CEO of Coldwell Banker Real Estate Corporation.
While recent events may be the cause of concern for many American homeowners and buyers, sales of residential real estate and home values across the US have historically held strong in uncertain economic times. There's always some good news. Looking back over our 95 year history, the company possesses a historical context that may be useful to those worried about the investment in their homes.
The dream of home ownership has survived two world wars, the great depression, and numerous fluctuating business cycles.
There are a number of key, underlying trends that have helped spur the residential real estate market - which are still very relevant and should continue to support home sales in the future. Overall, the housing sector accounts for about 14 percent of the US economy. The 2000 Census showed an increase in population of about 30 million. The results are a number of factors that help drive demand for homes and home values.
Newcomers to the United States are looking to buy their first homes. The Baby-boomer generation continues to drive demand for homes as they trade up to larger residences and even purchase second residences. Additionally,
a sharp jump in single parent families has helped to boost demand for housing.
