December 13, 2021
Stymied Only by Inventory, November Sees Solid, Busy Real Estate Market
The Greater Lehigh Valley REALTORS® (GLVR) reported November data showed that although the housing market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.
GLVR Members: Click HERE to view the full Market Update report for November 2021.
“The economy is improving, unemployment is falling, and the real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones,” said GLVR CEO Justin Porembo. “While we’ve certainly experienced the normal cyclical slowdown, November was no snooze-fest for Lehigh Valley-area REALTORS®.”
With inventory still not at sufficient, comfortable levels – there were just 617 units in November for Lehigh and Northampton counties – the Median Sales Price increased 7.0 percent to $259,000. In addition, homes sold, on average, in 18 days – five days above the record low of 13 days, which was recorded in July.
Other notable housing statistics for November include:
- New Listings decreased a mere 3.9 percent to 684.
- Pending Sales were up 5.2 percent to 725.
- Closed Sales slipped 14.8 percent to 723.
- Months Supply of Inventory was down 38.5 percent to 0.8 months.
- Percentage of List Price Received went above and beyond, increasing 0.8 percent to 101.0 percent.
- Homes sold, on average, in just 18 days, a decrease of 14.3 percent.
In Carbon County, the Median Sales Price decreased slightly to $194,250. Closed Sales were down to 66. Pending Sales jumped to 89. New Listings increased to 82. Inventory dropped to 114 units, leading to a Months Supply of Inventory of 1.6 months. Homes are moving at a decent pace for the association’s more rural county, with Days on Market dropping to 22 days vs. 56 days the previous November.
“Compared to other past winter seasons, this winter season’s sales activity is expected to be stronger,” said GLVR President Tim Tepes. “This winter – both here in the Lehigh Valley and nationally – there will be more sales compared to pre-pandemic winters.”
Tepes added, “No longer is there a perfect season to buy or sell a home. Today is perfect. Tomorrow is looking great. Two days or three months from now works, too.”