Whitehall-Coplay Press

Tuesday, January 15, 2019

Sales of houses in LV up slightly in October

Friday, December 7, 2018 by Paul Willistein pwillistein@tnonline.com in Business Showcase

Closed sales for houses in the Lehigh Valley increased slightly in October.

Closed sales increased 0.4 percent to 718 houses sold, up from 715 houses sold in October 2017, according to the Greater Lehigh Valley Realtors (GLVR) October report, released Nov. 14.

For the year-to-date, the percentage of closed sales for 2018 is up slightly, by 0.1 percent, with 7,081 houses sold, compared to 7,077 houses sold year-to-date in 2017.

Pending sales were also up in October, by 7.8 percent, to 764, compared to 709 in October 2017. Pending sales for 2018 are up slightly, 1.1 percent to 7,535, compared to 7,455 year-to-date for 2017.

New listings were up significantly in October, by 11.6 percent to 997, compared to 893 in October 2017.

Inventory levels again shrank in October, down 5.8 percent to 2,138 units, compared to 2,270 units in October 2017.

Days on Market was also down in October, 13.6 percent to 38 days in October, compared to 44 days in October 2017.

The Months Supply of Inventory was down 6.3 percent to 3 months in October, compared to 3.2 months in October 2017.

Market analysis

“Prices are still rising, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices,” said GLVR CEO Justin Porembo.

The Median Sales Price increased 3.9 percent in October to $197,500, up from $190,000 in October 2017.

The Average Sales Price increased 4.8 percent in October to $225,825, compared to $215,394 in October 2017.

The Percentage of List Price Received increased 0.3 percent in October to 98.1 percent, compared to 97.8 percent in October 2017.

The Housing Affordability Index again decreased, down 16.9 percent in October, compared to October 2017.

“Homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs,” said GLVR President Sean LaSalle.