August 12, 2020
Healthy Buyer Demand Keeps Lehigh Valley Housing Market Moving During Pandemic
The Greater Lehigh Valley REALTORS® (GLVR) reported July data showed that healthy buyer demand and constrained supply continue to be the story for much of the country and the Lehigh Valley at large.
GLVR Members: Click HERE to view the full Market Update report for July 2020.
“Showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in our market,” said GLVR CEO Justin Porembo. “With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.”
With data now available for the month of July, Northampton and Lehigh counties saw New Listings decrease 0.3 percent to 1,078, a sign that some sellers may still be hesitant to allow individuals into their homes. That said, both Closed Sales and Pending Sales were up. Closed Sales increased 3.1 percent to 872. Pending Sales jumped 25.4 percent to 1,053, showing that many buyers are still working their way through the closing process.
Inventory levels shrank 52.0 percent to 929 units, leading to a Months Supply of Inventory that was down 48.1 percent to 1.4 months. This low inventory means home prices continued to gain traction and Days on Market remained fast. The Median Sales Price increased 6.4 percent to $237,750. Although increasing 18.5 percent, Days on Market remained quick at 32 days.
“Despite the significant economic impact of the COVID-19 pandemic, home buyers remain extremely resilient,” said GLVR President Jack Gross. “With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market. The buyers are ready. We just need the sellers to come to the table.”
In Carbon County, which is showing plenty of housing-related activity, the Median Sales Price increased to $154,900. Closed Sales were up to 91. Pending Sales increased to 136. For New Listings, there were 128. Inventory dropped to 163 units, leading to a Months Supply of Inventory of 2.4 months.
Monthly Reminder: Real Estate is Safe
Porembo and Gross continue to emphasize that real estate is safe in the age of COVID-19. All area REALTORS® have access to suggested best practices that outline how to keep everyone involved in a real estate transaction safe. Should any consumer – whether they be a home buyer or seller – be interested in learning how they and their REALTOR® can work together to create a safe environment for a real estate transaction, additional information is available at parealtors.org/coronavirus/best-practices