by Dave Miller
After a year or two of stagnation the Lancaster PA rental properties are on the move again. Ron Shepherd was telling me few months ago that if I have buyers or sellers in this market I should inform them that the market is moving up. So I kept an eye on that particular market and was amazed. Not amazed at the upward movement but Ron’s ability to once more accurately gauge a trend.
Here is my analysis of the trend for multi-units in Lancaster City:
2011 and 2012 YTD comparisons:
Average Sale Price: 2011; $132,463.00 2012; 141,126. That’s a 6% price increase.
Number of sales: There were 10% more sold in 2012
Average days on market for the sold properties is up extremely: 2011; 73 DOM, 2012; 103 DOM that up 43%. I do not have an explanation for this spike as it seems to contradict the other numbers.
Here a link to a freshly listed city property. I’ll also have two more till next week. Stay tuned.
Recent blog about residential prices increasing: Refreshing! Home Values First Annual Increase In Nearly Five Years