October 14, 2019
Not-so-scary Start to Lehigh Valley's Fall Housing Market
The Greater Lehigh Valley REALTORS® (GLVR) reported September data showed buyer and seller activity remaining strong, buoyed by low mortgage rates and a strong economy.
GLVR Members: Click HERE to view the full Market Update report for September 2019.
“The market fundamentals suggest no significant changes from recent trends, other than the seasonally tempered pace we see this time of year,” said GLVR CEO Justin Porembo. “As we move into the final three months of the year, buyers may find fewer homes coming on the market, but also less competition for those homes.”
In September, New Listings decreased 5.8 percent to 921. Pending Sales were up 18.6 percent to 754. Inventory levels shrank 26.1 percent to 1,720 units, leading to a Months Supply of Inventory that dropped 27.3 percent to 2.4 months.
Prices continued to gain traction. The Median Sales Price increased 7.7 percent to $210,000. Days on Market was up 9.7 percent – just a three-day difference – to 34 days.
“Sales volume should be higher,” said GLVR President Carl Billera. “To some extent, the reason it isn’t lies with the persistent housing shortages nationwide. New-home construction levels have failed to keep pace with population growth, shifting demographic preferences, and the aging housing stock. That said, while Halloween decorations are beginning to adorn homes, the latest news on the Lehigh Valley real estate market this fall is looking far from scary.”
In Carbon County, the Median Sales Price dipped slightly to $146,000. Closed Sales were down to 67. Pending Sales climbed to 64. There was a decrease in Inventory, which came in at 326 units.