December 13, 2016
Consistent Lehigh Valley Housing Market Sees Inventory Down, Higher Prices, Fast Sales
The Greater Lehigh Valley REALTORS®
(GLVR) reported November data shows that, as we we’ve seen with regularity throughout 2016, inventory was down, homes were selling in fewer days, and homes were selling for higher prices.
Click HERE to view the full Market Update for November 2016.
“The story has remained consistent, in regard to residential real estate,” said GLVR CEO Justin Porembo. “In year-over-year comparisons, the number of homes for sale has been fewer in most communities. Inventory is the lowest it’s been since 2005, as it shrank 42.2 percent – 2,410 units in November 2016 vs. 4,172 in November 2015.”
Fair weather, however, kept the market moving through normally quiet months. Pending sales were up 12.3 percent to 594, and closed sales were up 12.4 percent to 591. Prices continued to gain traction. The median sales price increased 5.4 percent to $178,000. Days on market was down 10.9 percent to 57 days, and sellers were encouraged as months supply of inventory was down 47.1 percent to 3.6 months.
“Financial markets were volatile in the days surrounding the presidential election, but they self-corrected and reached new heights soon after,” said Christopher Raad, President of GLVR. “Long-term indicators of what it will be like to have a real estate developer for a president remain fuzzy, but the outcome is not likely to be dull as we move into 2017.”
In Carbon County, closed sales were down 7.5 percent. The median sales price rose 5.6 percent to $120,000. Inventory also remained low, sliding 25.8 percent to 365 units.