Step behind the curtain of York County's real estate market and gain exclusive access to the most crucial insights of August 2023. Whether you're a prospective buyer, seller, or simply a curious observer of the property market, prepare to be informed, inspired, and empowered as we unlock the secrets of the August 2023 York County Real Estate Market.
New Listings
To kick off our analysis, let's delve into the inventory of new properties hitting the market in August. Back in 2021, we recorded a count of 491 new listings. However, by August 2022, this number took a dip of -13.8 percent, leaving us with 423 new listings. Fast forward to the current year, and we encountered yet another decrease of -13.9 percent in August, bringing the new listings down to just 364.
Homes for Sale
Next, let's examine the market by looking at the homes for sale. We start in August 2021, when we had a total of 324 homes available for sale. Moving on to August 2022, we observed a significant increase of +67.9 percent, reaching 544 homes for sale. However, this year, in August, there was a decline of -23.9 percent, resulting in 414 homes available for sale.
Pending Sales
Shifting our focus to pending sales, let's explore the figures from August 2021, where we recorded a total of 441 pending sales. By 2022, there was a notable decrease of -21.8 percent, leading to 345 pending sales. This year, we saw another decrease of -8.1 percent, reaching a total of 317 pending sales.
Median Days on Market
Now, let's examine the median days on the market in August, beginning in 2021, where properties spent an average of 4 days listed. Moving to 2022, there was a significant increase of +75.0 percent compared to the previous year, with properties staying on the market for an average of 7 days. This year, we observed another increase of +28.6 percent, bringing the average days on the market to 9 days.
Months Supply of Homes for Sale:
Let's now analyze the months supply of homes for sale. In August 2021, the supply was a mere 0.8 months. However, in 2022, there was a notable increase of +87.5 percent compared to the previous year, resulting in a 1.5-month supply of homes for sale. This year, we held even with the previous year staying at the 1.5-month supply of homes for sale mark. This statistic represents, in simpler terms, given the current sales pace, it would take approximately 1.5 months for the current inventory of homes on the market to be sold.
Median Showings to Pending
Now, let's delve into the analysis of the median showings to pending ratio. In August 2021, it took a median of 10 showings to generate a pending sale. Moving to 2022, there was a decrease of -20.0 percent compared to the previous year, with 8 showings to pending. This year, we increased by +12.5 percent to recording 9 showings to pending as the median ratio.
We trust that you've found value in our in-depth examination of the York County real estate market. Should you be contemplating the sale of your home in the current year, it's vital to establish an optimal pricing strategy, and our team is readily available to provide our extensive knowledge and support. Please don't hesitate to get in touch with The Linda Hall Team at Century 21 First Choice, and let's work together to achieve your real estate goals for the year 2023!