December 12, 2017
November Housing Market Sees Rise in Sales, Prices, Listings
The Greater Lehigh Valley REALTORS® (GLVR) reported housing data showed an active market that brought in never before seen statistics for the month of November.
Click HERE for the full Market Update for November 2017.
Let’s break it down:
- New Listings increased 5.2 percent to 713. This is the best November for New Listings since 2010.
- Pending Sales were up 18.8 percent to 646. GLVR began running monthly market updates in 2003. This is the highest number of Pending Sales (in the month of November) since at least 2003.
- Closed Sales went up 7.7 percent to 661 – the most Closed Sales in the month of November since 2005.
- Median Sales Price increased 5.7 percent to $185,000. We haven’t seen this Median Sales Price in the month of November since it hit $190,000 in 2008.
And, of course, there are the Inventory levels, which shrank 26.4 percent to 1,931 units, leading to a Months Supply of Inventory that dropped 30.8 percent to 2.7 months. Days on Market was down 24.6 percent to 43 days.
In Carbon County, the Median Sales Price increased 17.0 percent to $129,900. Inventory levels shrank 28.3 percent to 273 units. Months Supply of Inventory was down 35.8 percent to 5.2 months. However, Pending Sales climbed 20.0 percent to 54, and there was a slight increase of Closed Sales, which hit 43.
All of these statistics fall nicely into a residential real estate market that has remained consistent throughout 2017.
“In year-over-year comparisons, the number of homes for sale has been fewer in most locales, and homes have been selling in fewer days for higher prices,” said GLVR CEO Justin Porembo. “This hasn't always been true, but it has been a common enough storyline to make it an overarching trend for the year.”
The Lehigh Valley’s busy Realtors® aren’t ignoring the tax reform action in Washington, D.C.
While both the House and Senate have agreed to maintain deductibility of state and local property taxes up to $10,000, and to maintain Section 1031 tax-deferred exchanges in their present form for real estate investments, the National Association of REALTORS® is hoping to influence Congress to help make the tax reform bill even more favorable to homeowners and consumers.
“New tax legislation could have ramifications on housing,” said Cass Chies, 2017 President of GLVR. “Important improvements in the legislation are possible by encouraging Congress to maintain the current law for the mortgage interest deduction and capital gains.
Chies continued, “Congress can also address the State and Local Tax Deductibility issue by expanding the provision to include income taxes, raising the cap and indexing the cap to inflation. These changes and retaining the current law makes the bill more favorable to homeownership.”