The Greater Lehigh Valley REALTORS® (GLVR) reported February data shows that the start of the year ushered in a wave of good news with a hot stock market, higher wages and an active home sales environment.
Click HERE to view the full Market Update report for February 2016.
“That said, housing prices have continued to rise, and the low inventory situation and affordability crunch has been particularly hard on first-time buyers struggling to get into the market,” said GLVR CEO Justin Porembo. “Nevertheless, buyer activity is easily outpacing seller activity in the Greater Lehigh Valley, culminating in relatively quick sales and low supply.”
New Listings decreased 9.0 percent to 788. Pending Sales were up 16.6 percent to
687. Inventory levels shrank 43.2 percent to 1,949 units.
Prices continued to gain traction. The Median Sales Price increased 4.2 percent to
$172,000. Days on Market was down 19.0 percent to 64 days. Sellers were encouraged as Months Supply of Inventory was down 46.3 percent to 2.9 months.
“We’re seeing sellers receiving a generous number of offers in this market,” said Cass Chies, the president of GLVR. “The worry for sellers, though, is whether there will be a generous number of homes to choose from when they are ready to buy.”
A housing supply of over 6 months is needed for a generally balanced market between home buyers and sellers.
In Carbon County, new listings were down 19.7 percent. Inventory levels shrank 28.2 percent to 290 units. Months Supply of Inventory was down 37.5 percent to 6.0 months. Days on Market decreased 24.2 percent to 100 days.