June 13, 2018
Lehigh Valley Sees Homes Selling in just 41 Days
The Greater Lehigh Valley REALTORS® (GLVR) reported May data showed more of the same but with the addition of improved buyer confidence that is due, in part, to payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news.
Click HERE to view the full Market Update report for May 2018.
"Prospective home buyers should continue to expect a competitive housing market for the next several months,” said GLVR CEO Justin Porembo. “Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly.”
In May, prices continued to gain traction with the Median Sales Price increasing 9.2 percent to $199,950. Closed Sales saw a drop of 8.5 percent to 765. Pending Sales, however, saw a bump of 6.9 percent to 967.
Inventory levels shrank 31.3 percent to 1,679 units, leading to a Months Supply of Inventory that dropped 33.3 percent to 2.4 months. Days on Market was down 16.3 percent to 41 days.
Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest, noted Sean LaSalle, 2018 President of GLVR.
“As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable, likely due to stronger fundamentals in home loan approvals than were in place a decade ago,” LaSalle said.
Carbon County had another solid month and even saw a slight increase in inventory, which went up 1.8 percent to 332 units. Months Supply of Inventory was down 17.1 percent to 5.8 months. The Median Sales Price remained steady, seeing a minor decrease of 1.3 percent to $132,000. Pending Sales climbed to 77, versus 61 the previous May, and there was an increase in New Listings, which hit 123.