The Lehigh Valley Association of REALTORS® (LVAR) released July housing market research indicating that the housing market is continuing to recover!
The East Penn School District, just like 95% of the school districts in the Lehigh Valley, is experiencing positive and upward trending activity. The number of new listings have increased 7.4% over this time last year and pending sales have increased 24.8%.
The number of closed sales is up 24.3% since this time last year and even the average sale price has increased 5.3%. Available inventory is decreasing. Last month at this time, there were 18.7% more homes on the market in the East Penn School District than there are now.
“LVAR’s research indicates that the Lehigh Valley housing market is in a healthy recovery,” says Ryan Conrad, CEO of LVAR. “The National Association of REALTORS® is cautiously optimistic, predicting an overall 8 percent rise in existing home sales and an 11 percent rise in median sales price by year end.”
In the Lehigh Valley, July indicators are positive as pending home sales increased 25.2 percent from July 2012 to July 2013 rising to 700. Pending sales indicate a count of the properties on which offers have been accepted, but the transaction has not yet been closed. Closed sales during July 2013 increased 17.7 percent to 677 as compared to 575 in July 2012.
“Our research indicates that homes sold more quickly compared to last year at the same time as the number of days on the market decreased 6.8 percent to 68 days,” says Therese Kelley, President of LVAR. “With homes selling quickly, it’s a perfect time to put your home on the market. We’re hearing feedback from our members that the inventory is depleting.”
LVAR’s research reports that absorption rates improved as the month's supply of inventory was down 21.6 percent to 6.9 months. Inventory of approximately 4 to 7 months is typically regarded as constituting a balanced real estate market.
The average sales price was recorded at $211,889 up 6.9 percent over the previous year, while the median sales price rose 7.5 percent to $185,450. “Increases in average and median sales prices, closed sales and pending sales are indicators that there is a strong housing market recovery in the Lehigh Valley,” adds Conrad.
My name is Barbara Bottitta and I am a Realtor/Partner with Keller Williams Real Estate and team leader for the Barb Bottitta Team of Lehigh Valley Home Experts. Our team of professionals include a listing and closing specialist so that from the starting line to the dotted line you won’t find another agent or team that provides better service, works harder – or cares more – than the Barb Bottitta Team. My husband, Lou, and I have lived in LowerMac for over 30 years; our grown children, Lisa and Matt (Tito) attended Emmaus High School and we feel fortunate that our grandson, Ethan, is growing up in the Lehigh Valley as well!
Call me at 610-398-8408 if you have questions about the Lehigh Valley area, home ownership, or other real estate needs, as I am always happy to help!