February Market Update 2021
Market Update — February 2021
Each month we offer a market update regarding real estate trends across the Lancaster, Allentown, Stroudsburg, and Easton regions for the previous month. This time last year, the pandemic caused economic shutdowns and quarantines nationwide. But, as we set our sights on brighter days, the housing market is continuing to see growth. The volumes of homes listed and sold seem to have been shorter last month than in February of last year. However, the sale prices are seeing significant increases. If you thought about buying or selling, the numbers are strong for our region, indicating a great time to act!
Main Statistics for 2021
- New listings – Our region saw new listings fall short of last February. However, the margins were narrowly behind. Lancaster added 427 new listings, Stroudsburg 348, Easton 355, and Allentown 322. If you were thinking about a spring move, there are plenty of new homes on the market to consider!
- Homes sold – With a slight decline in listings, it’s no surprise that the number of homes sold across our various markets also came in slightly below last February’s numbers as well. But these kinds of sales numbers are promising and indicative of a rebounding market. People are moving forward with their plans to buy, and it may be the perfect time for you to start home shopping too.
- Sale price – Taking a closer look at the sale prices from February 2020 and February 2021, there’s a clear trend. Homes are selling for much higher prices today than they were last year. Lancaster’s average sale price was up more than 10% from last year, at $251,595. Allentown and Easton east saw jumps in home sale price averages, too, with margins of 28% and 32%, respectively. But the really hot market may just be Stroudsburg, with an average sale price of $228,313 and an increase of over 40% from last year!
- Sale to List Price Ratio – Looking at the sale to list price ratio from February things in the Lehigh Valley are the same from last year. In Stroudsburg and Lancaster, they are both climbing steadily to a 100% ratio.
Homeway Real Estate
If this market comparison has inspired you to consider a move, let Homeway Real Estate be your guide! In today’s real estate industry, you need a knowledgeable partner who continues to keep a finger on the pulse of the Lancaster, Stroudsburg, Easton, and Allentown markets. Contact us today and explore your options for selling with an expert marketing plan, look into refinancing, or start shopping for your dream home.