June 15, 2016
Second quarter of 2016 proves to be an equally rewarding period for home buyers and sellers
The Greater Lehigh Valley REALTORS®
(GLVR) reported May data shows that all the early-year forecasts were correct — spring of 2016 has been a vibrant period for both home buying and selling, often with quick multiple offers that are near, at or even above asking price. Closed sales were up 8.3 percent in May from 629 to 681, pending sales increased 14.8 percent from 762 to 875, and the average sales price rose 7.9 percent to $214,944, showing that home prices continue to gain traction.
For the full Market Update report for May 2016, Click HERE.
Median sales price increased 3.2 percent from $174,000 to $179,500. The percentage of list price received was relatively stable, up 0.5 percent to 97.4 percent. And days on the market dipped 21.9 percent to 57 — additional good news for sellers.
Dwindling inventory numbers, however, remain an outlying concern. Inventory fell 34.5 percent from 4,854 units to 3,177, while new listings slipped 16.5 percent from 1,316 to 1,099 and months supply figures tumbled again this month to 42.7 percent, or 4.7 months.
“We really count on springtime to deliver positive numbers for us and this spring has not disappointed,” surmises Greater Lehigh Valley REALTORS® CEO Justin Porembo. “Overall, we are pleased with the figures we are seeing so far. True, inventory is being stretched thin in some areas, but so far it has not led to any negative repercussions for buyers or sellers. It’s nowhere near a ‘the sky is falling’ situation; just something to keep a watchful eye on.”
Chris Raad, President of Greater Lehigh Valley REALTORS®, adds, “Thankfully, low mortgage rates, higher wages, and low unemployment numbers have collectively built a relatively sturdy housing marketplace which has been strong enough to withstand the dwindling inventory figures. How long this can continue without a fresh supply of homes remains an important question, but currently the conditions are apparently not keeping people from buying.”
The Carbon County data shows new listings also up 10.7 percent. The median sales price increased 48.2 percent to $125,950, with percentage of list price received at 94.7 percent. Homes are selling faster in Carbon County, with days on market decreasing 21.1 percent from 114 days to 90 days.