Good news for the Lehigh Valley Real estate market. As indicated in the Greater Lehigh Valley Realtors monthly indicators this month, heading into the 2nd quarter of the year, positive trends are continuing and prices are starting to gain healthy traction. We are seeing more homes selling, many of which are spending much less time on the market. I can honestly say that for the first time in quite some time,with full confidence, prices are starting to rise pretty much across the board.
More good news, pending sales have risen 25.8% year to date over the same time period last year and closed sales are up 14% as well. This is a very positive trend that of course we all hope will continue. Days on market has pretty much stayed consistent at an average of 78 days over this time period but inspeaking to several agents in my office as well as others in the GLVR it seems that this is not the case with many price ranges. In the lower tier of price ranges more commonly sought after by first time buyers and first time move up buyers the general consensus is that those houses priced well and ready to go are becoming very hard to come by and in many cases subject to multiple offer situations.
Foreclosures are down! This is good for all of us, our values and neighborhoods. I frequently attendsheriff sales in both Lehigh and Northampton counties and the number of properties on the lists is higher than pre 2009 numbers however the volume of those properties going back to the banks and coming on the market as REO is definitely down. One key indicator of better things to come in the marketplace is the number of investors who are willing to invest in the REO properties coming on the market and once again we are seeing a lot of activity as bank owned homes priced competitively are being snapped up at a very quick rate and in many cases also selling as a result of multiple offers. Many investors both small single family and institutional from outside the area are once again seeing the positive investment potential that can be found in the Lehigh Valley.
In closing, we Lehigh Valley residents should also be thankful to the all those who work in our economic development community, they are doing an excellent job. The new development that is taking place and planned in the near future in and around our cities and communities is bringing an abundance of new business and employment opportunities. We have some of the most talented and progressive people in the country working to enhance and promote our area on top of what our geographic location alone offers.