Lehigh Valley

Is the Lehigh Valley a seller's market?

Is the Lehigh Valley a seller's market?

The Greater Lehigh Valley Realtors just released new data about home sales in our area, and there's some good news and bad news, depending on who you are.

"It feels like it's becoming a seller's market now when before it was more a buyer's market," said Ellen Shaughnessy, owner of Free Bridge Realty.

She sells houses in the Lehigh Valley and western New Jersey.

"We have buyers right now that are just waiting to pounce. And they're looking and looking and we're looking for them. And sometimes when things hit the market at this point we're getting multiple offers. And they're selling quickly," she said.

For some time in the Lehigh Valley, available inventory has been going down, but prices haven't been going up. That's starting to change.

Median prices, in fact, are the highest they've been since December.

"The inventory is definitely low," said Shaughnessy. "We have buyers, and they're getting a little bit frustrated actually so I'm hoping that more people will decide to list their properties soon."

There is also good news if you're putting a house on the market. Last month, sellers on average got 97.7 percent of the price they listed, the highest that number has been since 2007.

That said, with median sale prices hitting $175,000, the Greater Lehigh Valley Realtors think the market could be out of reach for some first-time buyers, and they want to see more houses being built.

Overall, Shaughnessy is happy with what she sees, after a tough decade.

"It's been kind of a challenge over the last few years since the 2007 mortgage crisis," she said. "I feel like we're finally at the tail end of that in the Lehigh Valley."

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