January 12, 2021
Normally Slow December Sees Lehigh Valley Homes Sell, On Average, in 19 Days
The Greater Lehigh Valley REALTORS® (GLVR) reported December data showed a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
GLVR Members: Click HERE to view the full Market Update report for December 2020.
“December is normally one of the slowest months of the year, but we’re seeing strong buyer demand across our three-county footprint,” said GLVR CEO Justin Porembo. “This demand is being buoyed by near-record low interest rates and the continued march out of high-occupancy locations and buildings in search of more rural living.”
With data now available for the month of December, Northampton and Lehigh counties saw increases almost across the board, including:
- New Listings increased 10.6 percent to 471.
- Pending Sales were up 34.5 percent to 550.
- Closed Sales jumped 26.4 percent to 832.
- The Median Sales Price went up 17.5 percent to $235,000.
- Percentage of List Price Received hit the mark, increasing 2.2 percent to 100.0 percent.
Inventory, of course, remains low, shrinking 56.5 percent to 623 units, leading to a Months Supply of Inventory that was down 55.0 percent to 0.9 months. This low inventory means Days on Market remained fast, decreasing 55.8 percent to just 19 days.
“With low mortgage rates and strong buyer demand, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020: low inventory and multiple offers on in-demand properties,” said 2020 GLVR President Jack Gross. “The story will remain largely the same while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.”
In Carbon County, which continues to show a healthy amount of housing-related activity, the Median Sales Price increased to $188,000. Closed Sales were up to 79. Pending Sales increased to 59. New Listings dipped to 59, a difference of just two listings from the previous December. Inventory dropped to 116 units, leading to a Months Supply of Inventory of 1.5 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