The Greater Lehigh Valley REALTORS® (GLVR) reported February data showed inventory woes continuing, but also sellers emerging from winter hibernation with local REALTORS® managing an increase in New Listings and Pending Sales.
GLVR Members: Click HERE to view the full Market Update report for February 2022.
“With inventory at an all-time low, buyers are still having a difficult time finding a home,” said GLVR CEO Justin Porembo. “A silver lining for Lehigh Valley buyers is we’re leaving the winter lull, and even though inventory will still be tight, the lead-up to the spring market always brings new opportunities and new listings.”
Closed Sales fell 20 listings over last February – or 4.6 percent – to 418. With inventory still not at sufficient, comfortable levels – there were just 407 units in February for Lehigh and Northampton counties – the Median Sales Price increased 16.0 percent to $264,000.
Other notable housing statistics for February include:
- New Listings increased 18.7 percent to 634.
- Pending Sales were up 23.2 percent to 579.
- Months Supply of Inventory was down 33.3 percent to 0.6 months.
- Percentage of List Price Received went above and beyond, increasing 1.2 percent to 101.5 percent.
- Homes sold, on average, in 24 days, up from 23 days in February 2021.
In Carbon County, the Median Sales Price increased to $221,000. Closed Sales were down just two listings to 49. Pending Sales stayed even at 66. New Listings increased to 61. Inventory dropped to 72 units, leading to a Months Supply of Inventory of 1.0 months. Homes are moving at a decent pace for the association’s more rural county. Days on Market was 37 days (versus 36 days the previous February).
“For many buyers, a new year marks a new opportunity to make their home purchase dreams a reality,” said GLVR President Howard Schaeffer. “Given the situation in the market – mortgages, home costs and inventory – one would maybe not be surprised to see a retreat in these buyers and in housing demand. The Lehigh Valley is still a relatively affordable place to live, though, especially when compared to other metros across the country. There is plenty of bang for your buck here, so I don’t necessarily expect demand for our area to wane.”