The Greater Lehigh Valley REALTORS® (GLVR) reported January data showed the 2022 real estate market beginning where 2021 left off, with homebuyers rushing to take advantage of historically low mortgage rates – but also fighting to find any last bit of housing inventory available.
GLVR Members: Click HERE to view the full Market Update report for January 2022.
“Home sales would’ve been even greater were it not for a multitude of buyers temporarily putting their home purchase plans on hold due to the lack of housing inventory and the downstream effects that shortage is causing,” said GLVR CEO Justin Porembo. “That said, 2021 sales finished meaningfully higher than 2020, which was affected by the spring pandemic lockdown, and local REALTORS® were busily getting individuals and families to the closing table the first month of 2022.”
Closed Sales climbed two listings over last January – or 0.4 percent – to 538. With inventory still not at sufficient, comfortable levels – there were just 405 units in January for Lehigh and Northampton counties – the Median Sales Price increased 16.1 percent to $269,950.
Other notable housing statistics for January include:
- New Listings decreased 11.3 percent to 532.
- Pending Sales were down 8.0 percent to 504.
- Months Supply of Inventory was down 40.0 percent to 0.6 months.
- Percentage of List Price Received went above and beyond, increasing 1.8 percent to 101.8 percent.
- Homes sold, on average, in just 22 days, the same amount of time as January 2021.
In Carbon County, the Median Sales Price increased to $192,500. Closed Sales were up one listing to 61. Pending Sales went up three listings to 55. New Listings increased to 62. Inventory dropped to 83 units, leading to a Months Supply of Inventory of 1.2 months. Homes are moving at a decent pace for the association’s more rural county. Days on Market was 24 days (versus 46 days the previous January).
“For many buyers, a new year marks a new opportunity to make their home purchase dreams a reality,” said 2022 GLVR President Howard Schaeffer. “But it won’t be without its challenges. Affordability conditions are changing, and sales prices and mortgage interest rates may reduce purchasing power.”
Buyers should remain optimistic, Schaeffer added: “Home prices should begin to normalize later in 2022 as more homes come on the market. With expert understanding of the market, having a Realtor® by your side can help you close the deal on the home of your dreams at the price and terms you want.”