October 15, 2018
Lehigh Valley Housing Market Wraps Up Summer on a Solid Note
The Greater Lehigh Valley REALTORS® (GLVR) reported September data showed continued buyer demand and sales excitement, despite the usual end-of-year cool down.
Click HERE to view the full Market Update report for September 2018.
Prices in September continued to gain traction. The Median Sales Price increased 5.6 percent to $199,000. Homes continued to sell quickly, lasting, on average, just 32 days on the market. Inventory levels shrank just 12.5 percent to 2,111 units, leading to a Months Supply of Inventory that dropped 14.3 percent to 3.0 months.
“As we’ve noted in the past, it was anticipated that the Lehigh Valley would see a gain in inventory numbers, which had basically bottomed out, slowly over time,” said GLVR CEO Justin Porembo. “Over the last several months and into September, we’re finally seeing inventory levels trending in a more positive direction.”
Sean LaSalle, President of GLVR, added, “Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates, coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest, could create an environment of declining sales. However, rather than dwelling on predictions of a somber future, it is well worth the effort to manage the fundamentals that will lead to an ongoing display of healthy balance.”
Carbon County saw another solid month and market balance. In September, Closed Sales increased to 77, and the Median Sales Price increased to $148,875. Pending Sales climbed to 61, and there was an increase in Inventory, which was up to 377 units.