The Greater Lehigh Valley REALTORS® (GLVR) reported March data showed the month that rings in spring did not bring in a wave of intense real estate activity.
GLVR Members: Click HERE to view the full Market Update report for March 2023.
“Real estate is never one-size-fits-all, and that’s especially true in today’s market,” said GLVR CEO Justin Porembo. “Limited housing options likely will hold some would-be buyers back this spring, but declining rates have also brought some borrowers – and sellers willing to now move – back to the market. It’s quite the dance of uncertainty.”
Closed Sales dipped 15.2 percent to 502 listings. Inventory slipped 10.5 percent – there were 522 units in March for Lehigh and Northampton counties. Months Supply of Inventory trended upward 12.5 percent to 0.9 months. With inventory still not at sufficient, comfortable levels, the Median Sales Price increased 8.1 percent to $303,000.
Other notable housing statistics for March include:
- New Listings slipped 27.5 percent to 626.
- Pending Sales were down 23.3 percent to 526.
- Percentage of List Price Received tumbled 2.3 percent (but still went above and beyond), coming in at 100.3 percent.
- Homes sold, on average, in 25 days, an increase of 38.9 percent (or seven days)
In Carbon County, the Median Sales Price increased to $252,500. Closed Sales were down to 57. Pending Sales dropped to 54. New Listings slipped three listings, coming in at 77. Inventory saw an increase. With 93 units, the Months Supply of Inventory increased to 1.5 months. Days on Market decreased to 52 days vs. 45 days the previous March.
“After a volatile real estate market in 2022, we are anticipating a tempered spring market here in the Greater Lehigh Valley,” said GLVR President Howard Schaeffer. “The good news is, nationally, there has been an uptick in sales activity, and pending sales have continued to improve. Our region tends to lag behind the national trends. What is happening nationally is good news and a sign of what’s to come to the Lehigh Valley.”