York County Realtors are finally seeing a slight increase in inventory returning to the housing market.
The lack of inventory, which has always been a problem in York County for years, has been made worse by the COVID-19 pandemic.
However, the fast-paced seller’s market is finally slowing due to new inventory, according to Tina Llorente, president of the York and Adams County Realtors Association.
This slowdown is particularly good for buyers, Llorente said.
“At least they now have a choice between ownership A, B and C, whereas before it was ‘take A or leave her’,” Llorente said. “Now they have the choice of a slightly larger pool. “
At the height of the real estate market earlier this year, homes were moving quickly to and from the market in less than a week.
While the increase in inventory may be good news for buyers, Llorente said for sellers there will be more competition.
In August, 731 homes were sold in York County – a drop of 1% from the same period last year when 738 homes were sold, according to the RAYAC monthly report.
In addition, 4,743 homes were sold in the first eight months of 2021, an 18% increase from last year.
In a normal market, real estate agents expect there to be about six months of inventory available. In York County, the inventory hovers at one month – still “historically tight,” Llorente said.
“We anticipate a bit more inventory to continue to arrive in the market as we enter the fourth quarter,” she added.
Several school districts, including Dover Area and Hanover Public, saw an increase in the number of homes sold in August.
About 44 homes were sold in the Dover region school district, a 19% increase from the previous February when 37 homes were sold.
Hanover Public saw a 13% increase in home sales compared to the same period last year.
The Dallastown and East York area school districts saw lower home sales, posting declines of 24% and 33% respectively.
Home sales are broken down by school district in the RAYAC report.
– Contact Tina Locurto at [email protected] or on Twitter at @tina_locurto.