April 12, 2022
Sales Prices Reach New Heights in Lehigh, Northampton Counties -- Again
The Greater Lehigh Valley REALTORS® (GLVR) reported March data showed off a sneak preview of a full-fledged spring real estate market with a new Median Sales Price record for the Lehigh Valley: $280,000.
GLVR Members: Click HERE to view the full Market Update report for March 2022.
“Consumers may be feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac,” said GLVR CEO Justin Porembo. “While mortgage interest rates and the inventory crisis are affecting potential buyers, home buyers agree that homeownership is still an important part of the American Dream. We continue to expect housing demand to remain strong due to favorable demographics and shifts in buyers' preferences as teleworking remains in place.”
Closed Sales increased 15 listings over last March – or 2.7 percent – to 572. With inventory still not at sufficient, comfortable levels – there were just 486 units in March for Lehigh and Northampton counties – the Median Sales Price increased 16.7 percent to $280,000.
March breaks the Median Sales Price record that was set back in December, which was $278,000.
Other notable housing statistics for March include:
- New Listings slipped 1.2 percent to 849.
- Pending Sales were down 3.0 percent to 715.
- Months Supply of Inventory was down 30.0 percent to 0.7 months.
- Percentage of List Price Received went above and beyond, increasing 2.3 percent to 102.8 percent.
- Homes sold, on average, in 17 days, down from 23 days in March 2021.
In Carbon County, the Median Sales Price increased to $195,000. Closed Sales were down just two listings to 67. Pending Sales increased to 82. New Listings increased to 79. Inventory dropped to 60 units, leading to a Months Supply of Inventory of 0.8 months. Days on Market swelled slightly to 46 days (versus 41 days the previous March).
“Builders cannot, alone, build us out of the inventory crisis, but they are working hard to ramp up production – the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago,” said GLVR President Howard Schaeffer. “With many variables stacked against them, some would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record lows. I continue to recommend consumers have a Realtor® by their side to help them close on the home of their dreams at the price and terms they want and need.”