Lancaster PA Commercial Real Estate - Lancaster PA commercial real estate.  Brought to you by John Thiry, CCIM of Thiry Commercial

At the halfway point: Real Estate in 2012

by thiryj

At the halfway point

By Jeff Geoghan

In business meetings around Central Pa., real estate brokerages are likely discussing the status of the 2012 real estate season as we crest the halfway point (with a nod to the July 4th vacation week just passed). So what’s the word?

From all corners of the region, the outlook is good.

“The indicators that the market continues to recover are all there — higher monthly home sales for the last five months, homes that are competitively priced are selling quickly, pending sales continue a year-long upward trend, sale prices increased the last four months and there is a tighter inventory of properties for sale,” said Lancaster County Association President Quentin Miller in his most recent market report.

This appears to be the general perspective from what I’ve been hearing from agents and managers.

It seems equally clear there is some apprehension regarding the November elections (either for or against a presidential re-election, depending who you talk to) and I think that once the market has some closure on that, we’ll hope to see a further rebound in the late fall.

Pending home sales, a key indicator of future market strength, has shown steady improvement. For example, it’s up almost 30 percent in Lancaster County in May year-over-year.

Other area Realtor associations have reported good sales numbers in recent months.

So, at the halfway point of 2012, the track record has been good and the outlook optimistic.

Courtesy of The Central Penn Business Journal.
Read the full article here: