August 14, 2017
It's a Seller's Market in the Greater Lehigh Valley
The Greater Lehigh Valley REALTORS® (GLVR) reported July data shows that the shift to a predominantly seller’s market is mostly complete.
Click HERE to view the full Market Update for July 2017.
“Multiple-offer situations over asking price have been commonplace, and homes that are shown well and priced correctly are routinely off the market after a single day,” said GLVR CEO Justin Porembo.
Because of the multiple-offer situations, according to Porembo, sellers often saw offers at higher prices than asking. In fact, the percentage of list price received – it was at 98.3 percent in June – is the highest it has been in 10 years. The Median Sales Price in July increased 0.5 percent to $190,000.
July saw continued encouragement for sellers as Days on Market was down 25.5 percent to 41 days, and Months Supply of Inventory dropped 42.4 percent to 3.4 months (clearly leaning in the favor of sellers). Most economists consider a balanced market to be a five- to six-month supply.
Despite inventory levels shrinking 39.5 percent to 2,321 units, there was a glimmer of increased buyer activity with Closed Sales increasing 2.7 percent to 756.
“Inventory levels have nearly bottomed out,” said GLVR President Cass Chies. “There really is nowhere to go but up. We may not see meaningful inventory increased when looking month-to-month, but we’ll certainly see the shift and gradual increase over the next few years.”
In Carbon County, Closed Sales were up 18.9 percent. The Median Sales Price increased 7.5 percent to $122,500, in part because of low inventory levels and because of a noted increase in sales of higher-end homes. Inventory levels shrank 33.5 percent to 317 units. Months Supply of Inventory was down 37.9 percent to 6.4 months.