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 2019 local housing market.
Highlights of the report include:
SALES: Pending sales increased 2.7 percent, finishing 2019 at 8,678. Closed sales were up 1.7 percent to end the year at 8,587.
LISTINGS: Comparing 2019 to the prior year, the number of homes available for sale was lower by 25.4 percent. There were 1,284 active listings at the end of 2019. New listings decreased by 5.2 percent to finish the year at 10,904.
LIST PRICE RECEIVED: Sellers received, on average, 98.1 percent of their original list price at sale. Year-over-year original list price at sale was relatively unchanged.
INVENTORY: Inventory levels shrank 25.4 percent to finish the year at 1,284 units. This led to a Months Supply of Inventory that was down 25.0 percent to 1.8 months – a new record low. In a housing market balanced between buyers and sellers, the Months Supply of Inventory is between six and seven months.
PRICES: Home prices were up compared to last year. The overall median sales price increased 3.3 percent to $206,000 for the year. Single Family home prices were up 2.4 percent compared to last year, and Townhouse-Condo home prices were up 4.1 percent.
CARBON COUNTY REVIEW: Carbon County experienced a stellar year – one of its best ever – partly due to home buyers looking for inventory not available in other contiguous areas. Closed sales were up 11.9 percent to 789. There were 1,137 new listings, and the year closed with 271 active listings. Original list price received at sale for 2019 was, on average, 94.7 percent. The overall median sales price increased 0.4 percent to $136,444.
WHAT TO EXPECT IN 2020: The housing market continues to remain healthy nationwide with price gains and limited inventory being the most common threads across markets. Tight inventory continues to constrain buyer activity. New construction activity continues to improve but is still below levels required to fully supply the market’s needs.
As we look at 2020, we see continued low mortgage rates and a healthy economy giving a great start to housing in the new year. But in election years, we sometimes see a softening of activity that may temper the market in the second half of the year.
About the Report / View the Full Report:
The Annual Report provides thorough data on the 2019 real estate market in Lehigh and Northampton counties. A quick review of Carbon County and its school districts is also reported. The full report is only available to members of the Greater Lehigh Valley REALTORS® via the Member Portal.
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 2,800 REALTORS® and Appraisers.
The Annual Report provides commentary on the 2019 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