The Greater Lehigh Valley REALTORS® (GLVR) housing market data shows that all of the early-year forecasts were correct — spring of 2016 was a vibrant period for both home buying and selling, often with quick multiple offers that were near, at or even above asking price.
Year to date, closed sales were up 14.9 percent in May from 2,451 to 2,815, pending sales increased 17.6 percent from 3,128 to 3,677, and the average sales price rose 3.3 percent to $197,600, showing that home prices continue to gain traction.
Median sales price increased 3.3 percent from $164,600 to $170,000. The percentage of list price received was relatively stable, up 0.7 percent to 97 percent. And days on the market dipped 9.1 percent to 70 — additional good news for sellers.
Dwindling inventory numbers, however, remain an outlying concern. Inventory, according to May numbers, has fallen 34.5 percent from 4,854 units to 3,177, while new listings slipped 16.5 percent from 1,316 to 1,099 and unsold inventory tumbled 42.7 percent to a 4.7-month supply.
“We really count on springtime to deliver positive numbers for us and this spring has not disappointed,” surmises Greater Lehigh Valley REALTORS® CEO Justin Porembo. “Overall, we are pleased with the figures we are seeing so far. True, inventory is being stretched thin in some areas, but so far it has not led to any negative repercussions for buyers or sellers. It’s nowhere near a ‘the sky is falling’ situation; just something to keep a watchful eye on.”
Chris Raad, President of Greater Lehigh Valley REALTORS®, adds, “Thankfully, low mortgage rates, higher wages, and low unemployment numbers have collectively built a relatively sturdy housing marketplace which has been strong enough to withstand the dwindling inventory figures. How long this can continue without a fresh supply of homes remains an important question, but currently the conditions are apparently not keeping people from buying.”
The Greater Lehigh Valley REALTORS® is a not-for-profit trade association representing more than 2,000 REALTORS® in Carbon, Lehigh and Northampton counties. The association provides professional development and training resources, competitive market information, legislative advocacy, peer review and mediation processes for members, and a dispute resolution service for consumers. The Association owns and operates the Greater Lehigh Valley Multiple Listing Service (MLS), the Greater Lehigh Valley Real Estate Academy, and is publisher of the Greater Lehigh Valley Real Estate Weekly. REALTORS® are distinguished from real estate licensees by subscribing to a strict code of ethics and standards of practice as defined by the National Association of REALTORS®. For more information, visit www.GreaterLehighValleyRealtors.com.