Record-Breaking Median Sales Price Comes to Lehigh, Northampton Counties
Those multiple offers, well over asking price, has led to a new record-breaking median sales price for Lehigh and Northampton counties: $275,000.
The Greater Lehigh Valley REALTORS® (GLVR) reported June data showed the slowing of the odd statistical data caused by real estate being shut down in 2020 for 11 days in March, all of April, and 19 days in May. June of 2020 was the first full month of open real estate in the age of COVID-19, skewing some data a year later.
GLVR Members: Click HERE to view the full Market Update report for June 2021.
But, also, some numbers don’t lie, because the housing market in the Greater Lehigh Valley is, in a word, hot.
“School’s out, and as vaccination rates rise and America re-enters the outside, the housing market continues along at a frenzied pace, with low interest rates and limited inventory fueling record high sales prices,” said GLVR CEO Justin Porembo. “Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen.”
Those multiple offers, well over asking price, has led to a new record-breaking median sales price for Lehigh and Northampton counties: $275,000.
With data now available for the month of June, other notable housing statistics for Northampton and Lehigh counties include:
New Listings decreased just slightly – 5.8 percent – to 1,096.
Pending Sales were down 15.6 percent to 948.
Closed Sales were up 99.1 percent (an off percentage due to most sales being in pending status last June due to closings being stalled by the shutdown) to 870.
Months Supply of Inventory was down 44.4 percent to 1.0 months.
Percentage of List Price Received went above and beyond, increasing 4.3 percent to 102.7 percent.
Median Sales Price went up 18.0 percent to $275,000.
Homes sold, on average, in just 15 days, a decrease of 62.5 percent.
The numbers all come down to inventory.
According to Lawrence Yun, the Chief Economist for the National Association of REALTORS® who spoke at GLVR’s General Membership Meeting in late June, the Lehigh Valley is short in both housing and rental stock.
WATCH: National, Lehigh Valley Residential Housing Market Insights with NAR's Lawrence Yun
Speaking on both the Lehigh Valley and the nation as a whole, Yun said, “Sales in the $1,000,000+ are clicking along because there is inventory. Where we don’t have inventory – lower price points – sales are not moving, and that is why it is critical that we bring more inventory. And also, everything is related. If we have more inventory, prices will not shoot up so high. So, it makes affordability more manageable. It all comes down to more inventory coming to the market.”
GLVR’s 2021 President Tim Tepes has a cautiously optimistic outlook, noting several projects coming to the Lehigh Valley. North Catasauqua is welcoming Estates at Willow Brook, East Allen Township is working on a 55-and-over subdivision, and Tatamy Borough, in addition to Palmer and Forks townships, all have busy growth paths that are consistently seeing new housing developments and commercial opportunities.
“The increase in sales prices comes with a slight decline in existing home sales nationwide – and not as many as we’d like to see locally – as homebuyers struggle with declining affordability amid a lack of inventory, forcing some buyers to simply wait it out in hopes of more inventory and less competition,” Tepes said. “Meanwhile, with the local projects mentioned, home builders are clearly trying to meet the increased market demand.”
In Carbon County, the Median Sales Price increased to $199,950. Closed Sales were up to 84. Pending Sales decreased to 78. New Listings dipped slightly to 99. Inventory dropped to 113 units, leading to a Months Supply of Inventory of 1.4 months. Homes are moving much faster for the association’s more rural county, with Days on Market dropping to 29 days vs. 71 days the previous June.
