Greater Lehigh Valley Real Estate Market Update*
As the main source of real estate information in the Lehigh Valley, the Greater Lehigh Valley Association of REALTORS® is pleased to provide in-depth data on our local housing market. Information is gathered from our Multiple Listing Service (MLS) generating data from over 2,000 Realtor® members.
December 2020:
December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
New Listings increased 10.6% to 471. Pending Sales were up 34.5% to 550. Inventory levels shrank 56.5% to 623 units.
Prices continued to gain traction. The Median Sales Price increased 17.5% to $235,000. Days on Market was down 55.8% to 19 days. Sellers were encouraged as Months Supply of Inventory was down 55.0% to 0.9 months.
With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.
November 2020:
November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.
New Listings increased 14.6% to 706. Pending Sales were up 21.2% to 733. Inventory levels shrank 51.8% to 802 units.
Prices continued to gain traction. The Median Sales Price increased 19.1% to $243,573. Days on Market was down 41.2% to 20 days. Sellers were encouraged as Months Supply of Inventory was down 52.2% to 1.1 months.
Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.
October 2020:
October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.
New Listings increased 6.8% to 996. Pending Sales were up 36.4% to 955. Inventory levels shrank 51.9% to 901 units.
Prices continued to gain traction. The Median Sales Price increased 13.7% to $240,000. Days on Market was down 41.2% to 20 days. Sellers were encouraged as Months Supply of Inventory was down 50.0% to 1.3 months.
Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.
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*Courtesy of the Greater Lehigh Valley Association of REALTORS®
