February 14, 2019
Winter Brings a Chill to Local Housing Market
The Greater Lehigh Valley REALTORS® (GLVR) reported January data showed a flat – but stable – start to 2019.
Click HERE to view the full Market Update report for January 2019.
“While the soft start can partly be blamed on a growing affordability conundrum as prices and interest rates have steadily climbed, there is the usual winter slowdown that we commonly see here in the Lehigh Valley,” said GLVR CEO Justin Porembo. “We expect 2019 to only get better from here.”
Prices in January took a 2.6 percent tumble to $185.000. Homes continued to sell quickly, lasting, on average, just 47 days on the market. Inventory levels shrank 6.3 percent to 1,612 units, leading to a Months Supply of Inventory that dropped 4.2 percent to 2.3 months.
New Listings, meanwhile, increased 6.8 percent to 805. Pending Sales were up 0.9 percent to 575.
“While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation,” said GLVR President Carl Billera. “As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve.”
In Carbon County, New Listings decreased just two properties to 91, and the Median Sales Price dropped to $123,000. Pending Sales climbed to 58, and there was a slight increase in Inventory, which was up to 329 units.