(Lehigh Valley, PA – June 14, 2013) – As the lead source of real estate information in the Lehigh Valley, The Lehigh Valley Association of REALTORS® (LVAR), released in-depth housing market data for the month of May. The research includes comparisons to May 2012 figures and year-to-date analysis.
“Our Association analyzes data from our Multiple Listing Service (MLS),” says Ryan Conrad, CEO of LVAR. “This allows us to provide the most accurate and current research available in the marketplace.”
Statistics compiled during the month of May indicate pending home sales increased 39.9 percent from May 2012. Pending sales reflect a count of the properties on which offers have been accepted, but the transaction has not yet been closed. Closed sales during May 2013 increased 7.3 percent to 570 as compared to 531 in May 2012. New listings increased 14.5 percent to 1,200.
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The average sales price was recorded at $194, 290 up 3.5 percent over the previous year while the median sales price rose 6.3 percent to $172,250. Homes were selling more quickly as compared to last year with the number of days on the market recorded at 70, a decrease of 19.5 percent. Absorption rates improved as the months supply of inventory was down 25.8 percent to 6.6 months. Inventory of approximately 4 to 7 months is typically regarded as constituting a balanced real estate market.
“It’s encouraging to see the positive trends in Lehigh Valley real estate,” says Therese Kelley, President of LVAR. “As a Realtor®, I experience the joy homebuyers feel when they find their dream home and the excitement of sellers when their home moves off the market quickly. A career in real estate is truly rewarding.”
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For those interested in pursuing a career in real estate, LVAR has introduced pre-licensing courses at its Lehigh Valley Real Estate Academy located in Bethlehem, PA. The Academy also provides advanced designation courses and classes on areas of special interest.
LVAR is continually collecting, monitoring and analyzing data to provide the most accurate and current housing market research to its members, the public and the media. Access to data may be found at LVAR.org in the consumer section.