July 13, 2016

As Predicted: Greater Lehigh Valley Housing Market Continues to Sizzle

The Greater Lehigh Valley REALTORS® (GLVR) reported June data shows the Valley housing market triumphantly ended the first half of 2016 on a high note — riding a wave of positive transaction figures and sales activity that has been gaining steam since the first of the year.

Click HEREfor the full Market Update for June 2016.

Closed sales were up 3.7 percent in June from 827 to 858. New listings decreased 24.9 percent to 990 and inventory levels shrank 34.9 percent to 3,191 units. Prices were a tad soft. The Median Sales Price decreased 7.3 percent to $179,900. Days on Market was down 9.8 percent to 55 days, while sellers were encouraged as Months Supply of Inventory was down 42.0 percent to 4.7 months.
 
“Halfway through 2016 and the valley’s real estate market is performing just as positively as was predicted at the beginning of the year — which should give everyone cause to celebrate,” explains Greater Lehigh Valley REALTORS® CEO Justin Porembo. “Homes across the Valley are selling quickly and many sellers have been getting a higher percentage of their asking price, which is just good news on top of good news.”
 
“2016 has been great so far and we hope it continues along this trajectory,” agrees Chris Raad, President of Greater Lehigh Valley REALTORS®. “There are, however, a few uncertainties like the presidential election and a possible interest rate that could cause things to cool down by the end of the year. But for the immediate future, the market looks vibrant and strong.”
 
The Carbon County data shows the median sales price dipped 3.0 percent to $106,500, as did percentage of list price received — slipping 0.8 percent.