May 13, 2016

A healthy real estate market continues its resurgence, fueled by favorable economic conditions

The Greater Lehigh Valley REALTORS® (GLVR) reported April data shows that as predicted at the beginning of the year, the valley’s real estate market is continuing the success of 2015 well into 2016 — largely due to a vibrant economy, reasonable home prices and still near historically low financing options. Closed sales were up 15.5 percent in April from 534 to 617, new listings slipped 15.2 percent from 1,362 to 1,155, and pending sales increased 37.9 percent from 705 to 972.

For the full Market Update for April 2016, click HERE.

Days on the market dipped 6.8 percent to 69. Median sales price increased 3.0 percent from $165,000 to $170,000. Average sales price dipped 2.7 percent to $197.078. And the percentage of list price received was relatively stable, up 0.4 percent to 97.0 percent. Months supply and inventory numbers, however, continue to be significantly down versus last year’s numbers. Months supply tumbled 41.8 percent to 4.6 months and inventory fell 32.4 percent from 4,634 units to 3,133.
“All the factors that contributed to 2015 being such a successful year are extending their run into the first third of 2016 just as all the industry experts predicted,” explains Greater Lehigh Valley REALTORS® CEO Justin Porembo. “Mortgage rates remain low, unemployment has been close to 5 percent for eight straight months, and home prices are continuing to gain traction at a reasonable pace. Everything is in place for us to have a spectacular spring and summer — our prime time of the year.”
“The only issue to watch cautiously continues to be volume,” adds Chris Raad, President of the Greater Lehigh Valley REALTORS®. “Compared to last year, there just aren’t as many homes for sale. But so far, there hasn’t been any harmful ripple effects due to the dip in inventory. All the other indicators remain robust and favorable for area homebuyers and sellers.”
The Carbon County data shows closed sales up 26.7 and new listings down just 2.2 percent. Percentage of list price received came in at 92.1 percent.