LEHIGH VALLEY, Pa. - The Greater Lehigh Valley Realtors February report has some mixed news for the real estate market.
According to GLVR CEO Justin Porembo, house prices have continued to rise because supply is low which makes it hard for first-time buyers to get into the market.
“Nevertheless, buyer activity is easily outpacing seller activity in the Greater Lehigh Valley, culminating in relatively quick sales and low supply,” added Porembo.
Some of the highlights of the data:
New Listings decreased 9% to 788.
Pending Sales were up 16.6% percent to 687.
Inventory levels shrank 43.2% to 1,949 units.
Sellers will be happy to hear the Median Sales Price increased 4.2% percent to $172 thousand.
Days on Market was down 19% percent to 64 days.
Sellers were encouraged as Months Supply of Inventory was down 46.3% to 2.9 months.
"We’re seeing sellers receiving a generous number of offers in this market,” said Cass Chies, the president of GLVR. “The worry for sellers, though, is whether there will be a generous number of homes to choose from when they are ready to buy.”
A housing supply of more than six months is needed for a generally balanced market between home buyers and sellers.
For a full look at the data click here.
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