The Greater Lehigh Valley REALTORS® (GLVR) reported January data showed the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the real estate market is headed.
GLVR Members: Click HERE to view the full Market Update report for January 2023.
“Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand,” said GLVR CEO Justin Porembo. “Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.”
Closed Sales dipped 38.1 percent to 349 listings. Inventory increased 12.8 percent – there were 571 units in January for Lehigh and Northampton counties. This increase in inventory led to Months Supply of Inventory trending upward 28.6 percent to 0.9 months. With inventory still not at sufficient, comfortable levels, the Median Sales Price increased 10.9 percent to $300,000.
Other notable housing statistics for January include:
- New Listings slipped 9.2 percent to 492.
- Pending Sales were down 4.2 percent to 453.
- Percentage of List Price Received tumbled 2.7 percent to 99.0 percent.
- Homes sold, on average, in 27 days, an increase of 22.7 percent (or five days)
In Carbon County, the Median Sales Price increased to $231,000. Closed Sales were down to 37. Pending Sales dropped to 42. New Listings dipped to 58 – a change of just four listings. Inventory increased to 101 units, leading to a Months Supply of Inventory that increased to 1.6 months. Days on Market jumped to 46 days.
“Demand for housing persists, and many would say higher mortgage interest rates have cut into housing affordability,” said GLVR President Howard Schaeffer. “But with homes spending a little longer on the market, buyers have more time and negotiating power when shopping for a home. Seller concessions are making a comeback, too. At the end of a deal, it all balances out, and my clients are notably seeing in real-time the affordability story isn’t quite as alarming as it seems on the surface.”