The Greater Lehigh Valley REALTORS® (GLVR) reported April data showed warmer temperatures helping bring some sellers back to the market, providing additional options to home shoppers during the spring buying season.
GLVR Members: Click HERE to view the full Market Update report for April 2024.
“We are seeing the positive signs and momentum that comes with the spring market,” said GLVR CEO Justin Porembo. “Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical Lehigh Valley home spending 22 days on market. We – at the local, state and national levels – are looking at advocacy policies to counteract the prolonged issues with supply.”
April Stats
Closed Sales saw a positive showing for the first time since April 2022 – they increased 5.0 percent to 479 listings. Inventory remained relatively steady with a 0.3 percent bump (or a two-listing increase) – there were 575 units in April for Lehigh and Northampton counties. Price growth slowed but still grew. The Median Sales Price increased 2.0 percent to $321,200.
Other notable housing statistics for April include:
- New Listings jumped 28.2 percent to 764.
- Pending Sales increased 13.3 percent to 656.
- Months Supply of Inventory came in at 1.1 months, an uptick of 10.0 percent.
- Percentage of List Price Received increased 0.8 percent, coming in at 101.9 percent.
- Homes sold, on average, in 22 days, two days faster than the previous April.
In Carbon County, the Median Sales Price decreased to $222,500. Closed Sales decreased to 49. Pending Sales jumped to 69. New Listings bumped up to 79. Inventory increased to 128 units, leading to a Months Supply of Inventory that increased to 2.3 months. Days on Market decreased to 33 days vs. 41 days the previous April.
“With increased seller activity and continued buyer interest, we expect a vibrant and competitive real estate market this spring,” said GLVR President Lori Campbell. “The Federal Reserve has delayed rate cuts, but many consumers no longer seem to have the patience to wait or have a pressing need to purchase a home. Additionally, some buyers have accepted they may need to attempt to refinance later, if/when mortgage interest rates drop.”
Campbell added, “Current market conditions have presented challenges for both buyers and sellers. Local REALTORS® are dedicated to keeping a vigilant eye on the ever-changing market dynamics and offering invaluable guidance to those looking to buy or sell their homes. By remaining informed and being willing to flexibly adjust strategies to align with the current landscape, consumers, with the support of a REALTOR®, can confidently and successfully navigate the real estate market.”