February 20, 2019
Greater Lehigh Valley REALTORS® Release 2018 Annual Market Report
As the premier source of real estate information in the Lehigh Valley and its surrounding communities, the Greater Lehigh Valley REALTORS® (GLVR) is pleased to provide an in-depth report on the 2018 local housing market.
(Under 2018 Market Updates > 2018 Annual Report)
Note: The full report is only available to Association members
Highlights of the report include:
Pending sales increased 0.8 percent, closing 2018 at 8,544. Closed sales were down 0.6 percent to finish the year at 8,373.
Year-over-year, the number of homes available for sale was lower by 11.9 percent. There were 1,571 active listings at the end of 2018. New listings decreased by 1.1 percent to finish the year at 11,481.
LIST PRICE RECEIVED:
Sellers received, on average, 98.1 percent of their original list price at sale, a year-over-year improvement of 0.4 percent. If demand shrinks in 2019, original list price received at sale could drop as well.
The foreclosure market continues to be a hint of its former unhealthy peaks. In 2018, the percentage of closed sales that were either foreclosure or short sale decreased by 47.9 percent to end the year at 0.7 percent of the market.
Home prices were up compared to last year. The overall median sales price increased 7.6 percent to $199,000 for the year. Single Family home prices were up 6.8 percent compared to last year, and Townhouse-Condo home prices were up 6.7 percent.
CARBON COUNTY QUICK FACTS:
Carbon County experienced a stellar year – one of its best, ever – partly due to homebuyers looking for inventory not available in other contiguous areas. Closed sales were up 12.8 percent to 694. There were 1,162 new listings, and the year closed with 331 active listings. Original list price received at sale for 2018 was, on average, 94.8 percent. The overall median sales price increased 15.9 percent to $135,000.
WHAT TO EXPECT IN 2019:
The biggest potential problem for residential real estate in 2019 might be human psychology. A fear of buying at the height of the market could create home purchase delays by a large pool of potential first-time buyers, thus creating an environment of declining sales.
If the truth of a positive economic outlook coupled with responsible lending practices and more available homes for sale captures the collective American psyche, the most likely outcome for 2019 is market balance.
About the Report / View the Full Report:
The Annual Report provides thorough data on the 2018 real estate market in Lehigh and Northampton counties. A quick review of Carbon County and its school districts is also reported.
ShowingTime, the vendor used to create the annual and monthly market reports, uses research collected from the Greater Lehigh Valley REALTORS® Multiple Listing Service (MLS), which is utilized by more than 2,500 REALTORS® and Appraisers.
The Annual Report provides commentary on the 2018 real estate market and a breakdown of the following criteria:
- Quick Facts
- New Listings
- Pending Sales
- Closed Sales
- Median Sales Price
- Average Sales Price
- Percent of List Price Received
- Inventory of Homes for Sale
- Monthly Supply of Inventory
- Property Type Review
- Price Range Review
- Distressed Homes Review
- Activity by School District with Review of Median Sales Price