May 14, 2019
Spring Housing Market Brings Increases in Sales, Prices
The Greater Lehigh Valley REALTORS® (GLVR) reported April data showed buyers starting to come out of hibernation.
GLVR Members: Click HERE to view the full Market Update report for April 2019.
“The year has provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales,” said GLVR CEO Justin Porembo. “Coupled with higher prices and an inventory situation in its infancy of recovering from record lows, slower sales persisted across most residential real estate markets, including in the Lehigh Valley. However, buyers are beginning to return in force. For well-priced homes in desirable locations, competition is fierce.”
Prices in April continued to gain traction. The Median Sales Price increased 1.1 percent to $192,000. Closed Sales saw an increase of 3.8 percent to 651. Homes continued to sell quickly, lasting, on average, just 46 days on the market. Inventory levels shrank 10.2 percent to 1,588 units, leading to a Months Supply of Inventory that dropped 12.0 percent to 2.2 months.
“A historically low unemployment rate is providing some reassurance to wary consumers,” said GLVR President Carl Billera. “But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Inventory is straining to keep pace in the most competitive price ranges.”
In Carbon County, New Listings increased to 128, and the Median Sales Price bumped slightly down to $137,500. Pending Sales climbed to 86, and there was a very slight decrease in Inventory, which came in at 315 units.