Market Update
“A nationwide rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season,” said GLVR CEO Justin Porembo. “While statistics for the Lehigh Valley aren’t showing a year-over-year jump in sales just yet, what’s happening nationwide is a positive sign of things to come.”
March Stats
Closed Sales dipped 17.0 percent to 429 listings. Inventory slipped 19.6 percent – there were 496 units in March for Lehigh and Northampton counties. With inventory still not at sufficient, comfortable levels, the Median Sales Price increased 9.8 percent to $335,000 – tying the sales price record set in June 2023.
Other notable housing statistics for March include:
- New Listings decreased 9.6 percent to 574.
- Pending Sales increased 7.7 percent to 533.
- Months Supply of Inventory remained steady at 1.0 months.
- Percentage of List Price Received ticked up 0.6 percent, coming in at 101.0 percent.
- Homes sold, on average, in 22 days, four days faster than the previous March.
In Carbon County, the Median Sales Price increased to $255,000. Closed Sales decreased to 49. Pending Sales jumped to 60. New Listings dropped to 65. Inventory increased to 127 units, leading to a Months Supply of Inventory that increased to 2.3 months. Days on Market decreased to 40 days vs. 53 days the previous March.
“I have a lot of individuals set up in the Multiple Listing Service for auto-emails, which is a way for them to receive to-the-minute updates on new listings that meet their criteria,” said GLVR President Lori Campbell. “Clients are alerted once listing matches hit the market, and there’s a noticeable uptick in the number of properties being sent. This means inventory is improving.”
Campbell added, “We’re also still seeing multiple offer situations on many homes. So, while statistics are a great base for where things stand, they can’t show the work being done behind the scenes. REALTORS® in the Lehigh Valley have the clients, and buyers are ready to act when they find their perfect property that is also priced right for current conditions.”
