March 12, 2019
Spring Market Enthusiasm Begins as Weather Stalls Some Home Buying and Selling Actions
The Greater Lehigh Valley REALTORS® (GLVR) reported February data showed that some impressively cold, rainy and snowy days stalled some buying and selling actions.
GLVR Members: Click HERE to view the full Market Update report for February 2019.
Nevertheless, according to GLVR CEO Justin Porembo, the Lehigh Valley housing market has proven to be resilient. “It is still too early to say how the entire year will play out, but the spring market will be here before you know it, along with its usual flood of activity, and economic fundamentals remain positive.”
Prices in February increased 8.2 percent to $188,250. Homes continued to sell quickly, lasting, on average, just 53 days on the market. Inventory levels shrank 9.2 percent to 1,503 units, leading to a Months Supply of Inventory that dropped 8.7 percent to 2.1 months.
New Listings decreased 6.3 percent to 696. Pending Sales were up 4.5 percent to 647.
“It is worth noting that some softening of sales was anticipated, as was a positive sales bounce in January after a slow end to 2018,” said GLVR President Carl Billera. “Weather-related events have hampered some of the necessary machinations of making home sales in February, yet buyers have shown determination toward achieving their homeownership goals.”
In Carbon County, New Listings increased to 79, and the Median Sales Price bumped up to $137,500. Pending Sales climbed to 63, and there was a slight increase in Inventory, which was up to 314 units.