May 12, 2021
Lehigh Valley Sellers Receiving, on Average, 101.3% of List Price
The Greater Lehigh Valley REALTORS® (GLVR) reported April data showed statistical increases never seen before, skewed by real estate being shut down in Pennsylvania for all of April in 2020.
GLVR Members: Click HERE to view the full Market Update report for April 2021.
The well-known trends of high buyer demand, low inventory and high prices, however, could clearly be seen through the abnormal data points created by the early days of the global COVID-19 pandemic.
“April was another strong month for home sales,” said GLVR CEO Justin Porembo. “The busy spring market continues to see many multiple offer situations driving sales prices above asking price. We are frequently seeing buyers having to submit offers on multiple properties before they are able to secure a purchase.”
With data now available for the month of April, Northampton and Lehigh counties saw increases and decreases where expected, including:
- New Listings increased to 998.
- Pending Sales were up to 831.
- Closed Sales bumped up to 586.
- Inventory levels shrank 41.8 percent to 668 units.
- Months Supply of Inventory was down 50.0 percent to 0.9 months.
- Percentage of List Price Received went above and beyond, increasing 2.5 percent to 101.3 percent
Because of the low inventory, the Median Sales Price went up 19.6 percent. Days on Market remained fast, decreasing 45.9 percent to just 20 days.
“While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon,” said GLVR President Tim Tepes. “With mortgage rates still very close to record lows and a solid job recovery underway, demand will likely remain high.”
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 73. Pending Sales increased to 73. New Listings jumped to 91. Inventory dropped to 87 units, leading to a Months Supply of Inventory of 1.1 months. Homes are moving much faster for the association’s more rural county, with Days on Market dropping to 43 days vs. 91 days the previous April.
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