February 12, 2021
Lehigh Valley Buyers Undeterred by Near-Record Snow, Closed Sales Increase 8.9% in January
The Greater Lehigh Valley REALTORS® (GLVR) reported January data showed REALTORS® busily bringing buyers to the closing table, even as near-record snow coated the Lehigh Valley.
GLVR Members: Click HERE to view the full Market Update report for January 2021.
“January started off strong for the housing market, with healthy buyer demand and strong market fundamentals,” said GLVR CEO Justin Porembo. “With mortgage interest rates setting record lows and a strong drive by many buyers to secure a better housing situation – in part due to the new realities brought on by COVID-19 – our market is experiencing a multiple-offer frenzy not normally seen this heavily during the winter months.”
With data now available for the month of January, Northampton and Lehigh counties saw increases almost across the board, including:
- Pending Sales were up 3.0 percent to 592.
- Closed Sales went up 8.9 percent to 515.
- The Median Sales Price went up 27.0 percent to $234,900.
- Percentage of List Price Received almost hit the mark, increasing 2.4 percent to 99.8 percent.
New Listings dragged a bit in January, dropping 10.2 percent to 590. Inventory, of course, remains low, shrinking 56.3 percent to 567 units, leading to a Months Supply of Inventory that was down 55.6 percent to 0.8 months. This low inventory means Days on Market remained fast, decreasing 46.3 percent to just 22 days.
“A robust increase in housing starts in December points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units,” said 2021 GLVR President Tim Tepes. “As we look to 2021, signals suggest buyer demand will remain elevated and tight inventory will continue to invite multiple offers and higher prices across much of the housing inventory. The new construction mentioned is welcome and exciting but also not quite enough to change the inventory narrative through the coming year.”
In Carbon County, which continues to show a healthy amount of housing-related activity, the Median Sales Price increased to $175,000. Closed Sales were up to 59. Pending Sales decreased to 62, a difference of just five listings from the previous January. New Listings dipped to 54. Inventory dropped to 102 units, leading to a Months Supply of Inventory of 1.3 months. Homes are moving much faster for the association’s more rural county, with Days on Market dropping 44.0 percent to 47 days.
Monthly Reminder: Real Estate is Safe
Porembo and Tepes emphasize that real estate is safe in the age of COVID-19. All area REALTORS® have access to suggested best practices that outline how to keep everyone involved in a real estate transaction safe. Should any consumer – whether they be a home buyer or seller – be interested in learning how they and their REALTOR® can work together to create a safe environment for a real estate transaction, additional information is available at parealtors.org/coronavirus/best-practices