April 15, 2019

Optimism Remains Despite Soft Start to Spring Housing Market

The Greater Lehigh Valley REALTORS® (GLVR) reported March data showed a soft start to the spring selling season.

GLVR Members: Click HERE to view the full Market Update report for March 2019.

“New listings and total homes for sale have been trending lower in year-over-year comparisons in many areas,” said GLVR CEO Justin Porembo. “Locally, we’re seeing the same, but our numbers are holding steady with no major declines or increases.”
 
Prices in March softened 5.0 percent to $189,950. Homes continued to sell quickly, lasting, on average, just 54 days on the market. Inventory levels shrank 7.2 percent to 1,521 units, leading to a Months Supply of Inventory that dropped 8.7 percent to 2.1 months.
 
New Listings increased 4.3 percent to 944. Pending Sales were up 13.3 percent to 819.
 
“There is still a lot of 2019 left to go, so we’re unconcerned by the slow start to the spring market,” said GLVR President Carl Billera. “Local Realtors® are excited and ready for the usual flood of activity as the weather continues to improve.”
 
In Carbon County, New Listings increased to 90, and the Median Sales Price bumped up to $123,750. Pending Sales climbed to 86, and there was a very slight decrease in Inventory, which came in at 300 units.