The Greater Lehigh Valley REALTORS® (GLVR) reported October data showed that the local housing market continued to be busier than the calendar normally suggests.
GLVR Members: Click HERE to view the full Market Update report for October 2020.
“Buyer activity remains higher than normal for this time of year,” said GLVR CEO Justin Porembo. “Multiple offers remain a common occurrence and homes are almost literally flying off the market with the average Days on Market coming in at just 20 days.”
With data now available for the month of October, Northampton and Lehigh counties saw increases almost across the board, including:
- New Listings increased 6.8 percent to 996.
- Pending Sales were up 36.4 percent to 955.
- Closed Sales jumped 23.3 percent to 895.
- The Median Sales Price went up 13.7 percent to $240,000.
- Percentage of List Price Received went above and beyond, increasing 2.3 percent to 100.2 percent.
Inventory, of course, remains low, shrinking 51.9 percent to 901 units, leading to a Months Supply of Inventory that was down 50.0 percent to 1.3 months. This low inventory means Days on Market remained fast, as Porembo noted, decreasing 41.2 percent to just 20 days.
“While the increase in home prices may be worrying to some, mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases,” said GLVR President Jack Gross. “While prices often dip a bit in the winter months, continued buyer demand will likely temper any price retreats this year.”
In Carbon County, which also continues to show a healthy amount of housing-related activity, the Median Sales Price increased to $174,200. Closed Sales were up to 98. Pending Sales increased to 91. New Listings dipped to 88, a difference of just two listings from the previous October. Inventory dropped to 139 units, leading to a Months Supply of Inventory of 1.8 months.
Monthly Reminder: Real Estate is Safe
Porembo and Gross continue to 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.