July 14, 2020

Pending Sales Jump During First Full Month of Open Real Estate

The Greater Lehigh Valley REALTORS® (GLVR) reported June data continued to show the effect of the COVID-19 pandemic on an industry in Pennsylvania that was deemed non-essential, but the numbers – specifically pending sales – show that local REALTORS® are busily working at getting their clients to the closing table.

GLVR Members: Click HERE to view the full Market Update report for June 2020.

“Real estate activity continues to strengthen,” said GLVR CEO Justin Porembo. “June showing activity was up from the COVID-19 depressed levels, even rising above June 2019 showing activity. This reflects pent-up demand by prospective home buyers.”
 
With data now available for the month of June, which was the first full month of open real estate since the COVID-19 pandemic plunged the state into lockdown, Lehigh and Northampton counties saw New Listings increase 7.1 percent to 1,156. Pending Sales were up 44.3 percent to 1,192, proving that homes are going under agreement, things just haven’t been finalized yet.
 
Inventory levels shrank 48.5 percent to 991 units, leading to a Months Supply of Inventory that was down 44.4 percent to 1.5 months. This low inventory means home prices continued to gain traction and Days on Market remained fast. The Median Sales Price increased 9.3 percent to $237,000. Although increasing 28.1 percent, Days on Market remained quick at 41 days.
 
“While buyer activity continues to be robust, seller activity remains a bit soft, with new listings not meeting demand,” said Jack Gross, President of GLVR. “The Lehigh Valley previously saw a shortage of sellers and now that issue is compounded by those who remain reluctant to list their homes due to COVID-19 concerns. We expect an active summer selling season, but inventory will continue to be constrained until sellers regain confidence.”
 
In Carbon County, the Median Sales Price increased to $145,000. Closed Sales were down to 40. Pending Sales increased to 142. For New Listings, there were 108. Inventory dropped to 164 units, leading to a Months Supply of Inventory of 2.6 months.
 
Porembo and Gross both emphasized 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.