You are not alone if you are looking to buy a home in Lehigh Valley.
Multiple bids, well above the asking price, resulted in a new record median home price of $ 275,000 last month for Lehigh and Northampton counties.
This is according to June data released this week by Realtors Greater Lehigh Valley.…
The median selling price is up 18% from $ 233,000 in June 2020, when half of the month’s sales sold more and half was cheaper, excluding seller concessions.
The median home sales price in the two counties rose to $ 313,192 in June, up 19.4% from $ 262,354 in June 2020. Looking back at the historical record, this looks like a record, too, said Mallory Siegfried, spokeswoman for Greater Lehigh Valley realtors.
“The school is closed, and as vaccinations rise and America goes out again, the housing market continues to grow at a frantic pace, with low interest rates and limited stocks, leading to record high sales prices,” he said in a statement. GLVR CEO Justin Porembo. “Active buyers are making several offers, some at much higher prices, while others are making offers on homes that are not visible.”
Highlighting the trends behind the region’s hot housing market, Lehigh Valley homes sold for 102.7% of their list price last month, continuing a streak from last October when sellers received at least their full asking price.
The list of homes available for purchase in Lehigh and Northampton counties has increased slightly since the winter, but is still well below the level seen in recent years. In June, 756 homes were 33% less than 1,134 homes a year ago.
In each school district in Lehigh and Northampton counties, average home sales prices rose year-to-June from the same period in 2020. The largest percentage jump was observed in the Katasaukua region (52.6%) and South Lehigh (34.5%). ), Bangor (30.1%), Bethlehem (25.4%) and East Penn (22.3%).
In other noteworthy housing statistics for Lehigh and Northampton Counties for June versus June 2020, according to Greater Lehigh Valley Realtors:
- The number of new listings decreased slightly – by 5.8% – to 1,096.
- Incomplete sales decreased by 15.6% to 948 units.
- Closed sales nearly doubled, increasing 99.1% to 870, although this is considered a statistical outlier after most sales were pending in June 2020 and closings were suspended due to COVID-19 economic shutdown.
- The monthly stock of inventories decreased by 44.4% to one month.
- The percentage of list price received exceeded 4.3% to 102.7%.
- Homes are sold on average in just 15 days, down 62.5%.
The numbers boil down to an inventory, as Lehigh Valley lacks both sellable and leased housing, said Lawrence Yoon, chief economist at the National Association of Realtors, who spoke at a general meeting of members of the Greater Lehigh Valley group of realtors in late June.
Speaking about both the Lehigh Valley and the country as a whole, Yun said, according to a GLVR press release, “Sales of over $ 1,000,000 are growing because there is inventory. Where we do not have stocks – lower prices – sales do not develop and therefore it is very important that we bring in more stocks. And everything is also connected. If we have more inventory, prices will not rise as high. Thus, accessibility becomes more manageable. It all comes down to the fact that more goods are entering the market. “
GLVR 2021 President Tim Tepes maintains a cautiously optimistic outlook, noting several projects planned in the Lehigh Valley, according to the announcement: North Catasauqua welcomes Estates to Willow Brook; East Allen Township is working on a division for people over 55; and Tatami, in addition to the townships of Palmer and Forks, all have vibrant growth paths that continually open up new housing and business opportunities.
“The rise in sales prices has been accompanied by a slight decline in existing home sales across the country – and not as much as we would like to see locally – as homebuyers grapple with declining affordability amid stock shortages, forcing some buyers to simply wait in the hope of an increase. stocks and less competition, ”the Tepes said in a statement. “Meanwhile, with the mention of local projects, home builders are clearly trying to meet the increased market demand.”
Editor’s note: This article contains diagrams in which Median home prices in Lehigh Valley from July 2019 to the last month, percentage of list price received for the sale of homes in Lehigh Valley, inventory of Lehigh Valley houses Lehigh Valley is also available average home sales prices by school district… Click the links here to view them as they may not appear on all platforms, or to view them in full screen mode.
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