June 14, 2017
October Sees Active Housing Market Despite So-called Off-season of Home Sales
The Greater Lehigh Valley REALTORS® (GLVR) reported October data showed an active housing market, even during the so-called off-season of home sales.
Click HERE to view the full Market Update for October 2017.
“The national unemployment rate registered at 4.1 percent for October 2017, which means that joblessness has not been this low in the U.S. since December 2000,” said GLVR CEO Justin Porembo. “Mortgage rates are also holding steady at or near 3.9 percent. These factors are keeping the pool of potential buyers full.”
In October, New Listings decreased 3.6 percent to 876. Closed Sales may have been down 5.8 percent to 672, but Pending Sales were up 22.5 percent to 758.
Inventory levels shrank 27.4 percent to 2,074 units, leading to a Months Supply of Inventory that dropped 32.6 percent to 2.9 months. Most economists consider a balanced market to be a five- to six-month supply.
It’s no surprise that homes shown well and priced correctly continue to fly off the market, at higher prices. Days on Market was 44 days, a decrease of 20.0 percent. The Median Sales Price increased 8.1 percent to $187,000. When compared to the last 12 months, October places third for priciest.
“With today’s healthy economy, level of demand and national unemployment rate, sellers are going to continue to see strong prices for their homes,” said Cass Chies, President of GLVR. “We just hope sellers get the message and consider listing, even during the winter months. They no longer have to wait until spring to find a buyer who will give them asking price. Sellers could absolutely miss out on a great opportunity by waiting.”
In Carbon County, the Median Sales Price increased 1.9 percent to $110,000. Inventory levels shrank 22.8 percent to 305 units. Months Supply of Inventory was down 32.6 percent to 5.8 months. However, Pending Sales climbed 48.7 percent to 58, and there were 62 Closed Sales, which was the same number of Closed Sales seen the previous October.