The Greater Lehigh Valley REALTORS® (GLVR) reported July data showed the tying of a record-breaking Median Sales Price first seen just one month ago and a new record for Days on Market, showing that summer isn’t the only thing that is hot around the Lehigh Valley.
GLVR Members: Click HERE to view the full Market Update report for July 2021.
“The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country,” said GLVR CEO Justin Porembo. “Even with renewed home seller interest, inventory overall from a year ago remains 18.8% lower nationwide, according to NAR, and 18.0% lower here at home.”
With inventory still not at sufficient, comfortable levels – there were just 895 units in July for Lehigh and Northampton counties – the Median Sales Price increased 15.7 percent to $275,000, a tying of a record-breaking price first achieved in June. In addition, homes sold, on average, in 13 days. Another new record.
Other notable housing statistics for July include:
- New Listings decreased just slightly – 0.5 percent – to 1,089.
- Pending Sales were down 9.0 percent to 897.
- Closed Sales slipped 4.7 percent to 877.
- Months Supply of Inventory was down 29.4 percent to 1.2 months.
- Percentage of List Price Received went above and beyond, increasing 3.4 percent to 102.6 percent.
- Homes sold, on average, in just 13 days, a decrease of 60.6 percent.
“Buyers are still interested and want to own a home, but record-high home prices and the lack of solid choices are causing some to retreat,” said 2021 GLVR President Tim Tepes.
Tepes added that he’s seen firsthand – a situation partially caused by the global COVID-19 pandemic – a pressured rush to purchase a property to accommodate a new housing or location preference.
“Add to that the pressures of an already-established intensely hot seller’s market – which has been forcing many to waive contingencies and push their budget to the maximum to have a shot at winning a bidding war – and even the most well-qualified clients can start to get cold feet or feel pangs of regret after a closing,” Tepes said. “Now that life is opening up again, and that rushed pressure is falling away, some buyers could be having doubts.”
To help a buyer – or a seller – sort through moments of questioning a decision, both Porembo and Tepes suggest working with a REALTOR®. REALTORS® are a trustworthy, knowledgeable guide who will stand in your corner during negotiations, but will also act as an objective, third party who will help you stay focused on the issues most important to you when emotions threaten to sink an otherwise sound transaction.
In Carbon County, the Median Sales Price increased to $222,500. Closed Sales were down to 60. Pending Sales decreased to 92. New Listings dipped to 101. Inventory dropped to 119 units, leading to a Months Supply of Inventory of 1.6 months. Homes are moving much faster for the association’s more rural county, with Days on Market dropping to 18 days vs. 79 days the previous July.