June 12, 2019
Lehigh Valley Homes Averaging 36 Days on the Market
The Greater Lehigh Valley REALTORS® (GLVR) reported May data showed that the local housing market isn’t particularly exciting, but it remains desirable.
GLVR Members: Click HERE to view the full Market Update report for May 2019.
“At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future,” said GLVR CEO Justin Porembo. “Markets across the country are regulating toward a middle ground between buyers and sellers. While we’re still heavily leaning toward a seller’s market in the Lehigh Valley, and it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.”
Prices in May continued to gain traction. The Median Sales Price increased 3.0 percent to $206,000. Closed Sales saw a slight increase of 0.4 percent to 815. Homes continued to sell quickly, lasting, on average, just 36 days on the market. Inventory levels shrank 12.3 percent to 1,670 units, leading to a Months Supply of Inventory that dropped 14.8 percent to 2.3 months.
“An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years,” said GLVR President Carl Billera. “As a whole, the selling season is looking fairly stable across the nation, and that includes the Lehigh Valley.”
In Carbon County, New Listings increased to 135. Pending Sales climbed to 94. There was a slight decrease in Inventory, which came in at 343 units, and the Median Sales Price dropped to $117,500.