October 17, 2017

Summer Selling Season Ends with Modest Gains in Home Prices, New Listings

The Greater Lehigh Valley REALTORS® (GLVR) reported September data showed a modest month after home prices reached a near-decade high in August.
Click HERE to view the full Market Update for September 2017.
“The national sentiment has given rise to the notion that housing markets are stalling,” said GLVR CEO Justin Porembo. “Not so in the Lehigh Valley. Our Realtors® remain busy with hungry buyers who are determined to find that perfect home.”
In September, Inventory levels shrank 23.4 percent to 2,268 units, leading to a Months Supply of Inventory that dropped 27.3 percent to 3.2 months. Most economists consider a balanced market to be a five- to six-month supply.
Homes that were put on the market continued to sell quickly. Days on Market was 42 days, a decrease of 22.2 percent.
There were shifts toward the positive, though. New Listings increased 7.6 percent to 981. Pending Sales were up 12.5 percent to 739. Prices continued to gain traction. The Median Sales Price increased 2.7 percent to $184,950.
“Flying off the market are homes that are shown well and priced correctly,” according to Cass Chies, President of GLVR. “Sellers often see offers at higher prices than asking. The hard part is finding these sellers and getting homes on the market.”
Porembo added, “The local and national storyline has been about high demand propping up sales and prices. This familiar refrain will continue. However, over time, we do anticipate the inventory storyline to lessen in the dramatics. Inventory will increase, but it will be gradual and will be seen over the next few years.”
In Carbon County, the median sales price decreased 13.9 percent to $115,000. Inventory levels shrank 18.7 percent to 314 units. Months Supply of Inventory was down 25.6 percent to 6.1 months. However, pending sales climbed 36.7 percent to 67, and there were 70 closed sales, an increase from 40 closed sales.