January 15, 2019
December Data Shows Inventory Will Improve in 2019
The Greater Lehigh Valley REALTORS® reported December data showed that inventory will improve in 2019.
Click HERE to view the full Market Update report for December 2018
“High demand for few homes for sale fueled price increases, but evidence is mounting that inventory will finally improve in 2019,” said GLVR President Carl Billera. “This may apply some downward pressure on prices for beleaguered home buyers.”
Prices in December continued to gain traction. The Median Sales Price increased 3.8% to $190,000. Homes lasted an average of 42 Days on Market, down by 17.6%. Inventory levels shrank 11.9% to 1,571 units, while Months Supply shrank 12% to 2.2 months.
New listings lessened 4.1% to 444, the Median Sales Price increasing 3.8% to $190,000. Closed sales were down 17.3% to 535.
“Unemployment rates remained remarkably low again in 2018, and wages continued to improve for many U.S. households,” GLVR CEO Justin Porembo said. “Housing affordability will remain an important storyline in 2019.”
Carbon County inventory increased 7.1% to 331, while Months Supply decreased 8.3% to 5.5 months. The Median Sales Price increased 5.7% to $129,000 and Pending Sales climbed 36.7% to 41.