February 12, 2016
Housing Market Kicks Off 2016 Sure and Steady
The Greater Lehigh Valley REALTORS®
(GLVR) reported that the January housing data solidifies predictions that both prices and home sales should be on the upswing for the year.
To view the full Market Update for January 2016, click HERE.
January 2016 data comparisons over last year at the same time indicate that closed sales were up 14.4 percent to 445, while inventory decreased 29.4 percent to 3,053 units. New listings were also down 11.3 percent to 770 from last year’s 868.
Days on the market was recorded at 69 days, a decrease of 6.8 percent. There is currently a 4.7 months supply, a drop of 38.2 percent from a year ago when it was 7.6. Inventory of approximately 4 to 7 months is typically regarded as constituting a balanced real estate market.
The 12-month average for median sales price rose 2.7 percent from $169,900 to $174,500.
"The Lehigh Valley real estate housing market remains active with observed activity for nearly all price levels and styles, but particularly favoring the better condition properties,” said Chris Raad, the Association’s 2016 Past President.
Justin Porembo, CEO of the Greater Lehigh Valley REALTORS®, added, “The economy is strong and January is usually a time of optimism. We’re expecting a good year in real estate, with controlled, steady growth.”
The Carbon County data shows new listings up 36.4 percent. Average sales price is up 11.3 percent to $125,349. Months supply of inventory remained steady at 106 days on market.