February 14, 2018
Tame Winter, Low Inventory Lead to a Solid January Housing Market
The Greater Lehigh Valley REALTORS® (GLVR) reported January data showed what a tame winter and a lack of inventory can do for a housing market – keep it hot.
Click HERE to view the full Market Update report for January 2018.
“Home buying activity has been extremely competitive, and we see that trend continuing in 2018,” said GLVR CEO Justin Porembo. “We are continuing a period of rising prices and low inventory. As sellers attempt to take advantage of rising prices, we caution them to not get too ahead of themselves, as we expect buyers to be more selective in today’s market.”
In January, Prices continued to gain traction, with the Median Sales Price increasing 11.8 percent to $188,900. Pending Sales, were up 12.0 percent to 605, and Closed Sales saw a slight uptick of 2.6 percent to 442.
Inventory levels shrank 27.9 percent to 1,551 units, leading to a Months Supply of Inventory that dropped 31.3 percent to 2.2 months. Days on Market was down 20.0 percent to 48 days.
“Whatever external forces are placed upon the residential real estate market – whether they are related to tax legislation, mortgage rates, employment situation changes, new family formations, the availability of new construction and the like – the appetite for home buying remains strong,” said Sean LaSalle, 2018 President of GLVR. “In a landscape rife with new variables, residential real estate is certainly poised to offer an interesting and active year ahead.”
In Carbon County, the Median Sales Price increased to $137,500. Inventory levels shrank 7.0 percent to 304 units. Months Supply of Inventory was down 16.2 percent to 5.7 months. However, Pending Sales climbed to 57, versus 40 the previous January, and there was a small increase of Closed Sales, which hit 36.