Stymied Only by Inventory, Winter Real Estate Market Expected to be Unseasonably Hot JUSTIN POREMBO, CHIEF EXECUTIVE OFFICER, GREATER LEHIGH VALLEY REALTORS®
The Greater Lehigh Valley REALTORS® reported November data – the most recent data currently available – showed that although the housing market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory. The economy is improving, unemployment is falling, and the real estate market remains strong as we wrap up the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. While the market has certainly experienced the normal cyclical slowdown, it’s been no snooze-fest for Lehigh Valley-area REALTORS®.
NOVEMBER STATS With inventory still not at sufficient, comfortable levels – there were just 617 units in November for Lehigh and Northampton counties – the Median Sales Price increased 7.0 percent to $259,000. In addition, homes sold, on average, in 18 days – five days above the record low of 13 days, which was recorded in July. Other notable housing statistics reported by the Greater Lehigh Valley Multiple Listing Service for November include: • • • •
New Listings decreased a mere 3.9 percent to 684. Pending Sales were up 5.2 percent to 725. Closed Sales slipped 14.8 percent to 723. Months Supply of Inventory was down 38.5 percent to 0.8 months. • Percentage of List Price Received went above and beyond, increasing 0.8 percent to 101.0 percent. • Homes sold, on average, in just 18 days, a decrease of 14.3 percent. In Carbon County, the Median Sales Price decreased slightly to $194,250. Closed Sales were down to 66. Pending Sales jumped to 89. New Listings increased to 82. Inventory dropped to 114 units, leading to a Month's Supply of Inventory of 1.6 months. Homes are moving at a decent pace for the association’s more rural county, with Days on Market dropping to 22 days vs. 56 days the previous November.
16
NETWORK MAGAZINE
Unseasonably Hot Winter for Home Sales? Most Likely. Compared to other past winter seasons, this winter season’s sales activity is expected to be stronger. This winter – both here in the Lehigh Valley and nationally – there will be more sales compared to pre-pandemic winters, proving there no longer is a perfect season to buy or sell a home. Today is perfect. Tomorrow is looking great. Two days or three months from now works, too. “Although there are fewer buyers in the winter months than in the competitive spring and summer period, all signs suggest that housing demand remains high,” says Danielle Hale, realtor.com®’s chief economist. This optimism stems from the COVID-19 pandemic lockdown, which created a pent-up demand for homes throughout much of 2020 that completely swamped the usual spring rush/winter lull rhythm of the real estate cycle. And that overwhelming demand for housing is still going strong today. “We had unusual seasonality in 2020 due to the pandemic shifting timing around for many buyers and sellers,” explains Hale. “While 2021 had much more normal seasonality—homes sold fastest in summer and slower in fall and winter—this year has been a standout for its own reasons.”
REALTORS® ARE WORTH IT! Numbers and data and statistics making your head spin? With years of bargaining experience and expert understanding of the market, REALTORS® can help you close the deal at the price and terms you want. Not to mention, homeowners who sell their homes on their own typically generate $24,400 less than homeowners who work with a REALTOR®.
Need a REALTOR®? You can research and find a local REALTOR® at www.GLVR.org.
www.MyNetworkMag.com
