Lehigh Valley Real Estate Market Report - August 2018
Whether you’re buying or selling in the Lehigh Valley, it is critical to have a clear understanding of what is going on in our market.
You will be better prepared to buy or sell a home by knowing important data such as # of Homes Sold, Average Sales Price, and # of Days on Market.
Our market update is easy to read & understand and showcases everything that you need to know about local real estate trends.
What do these numbers indicate?
2,035 Homes Available- Last year, the number of homes available in August was 2,454. The year before that, August of 2016, the number of homes available was 3,149. The lower the inventory in a market, prices on homes become higher. If you're looking to buy, you might want to pull the trigger this year before prices get any higher as expected.
907 Homes Sold- During this time last year, there were 866 homes sold. This is a 4.7% increase in the number of homes sold. Inventory is decreasing year over year but homes sales are on the rise. This means that even homes that have been on the market for a while are being bought. This also is another reason why home prices are up.
$240,046 Average Sales Price- The average price of homes in the Lehigh Valley at this time last year was $224,720. Average sales price has increased 6.8%. This can be attributed to the two stats above, low inventory and high closing rates.
30 Average Days on Market- In August of 2016 the average days it took for a home to sell in the Lehigh Valley was 56 days. This is almost double the time it takes to sell a home in this market today. This is great news for sellers, and for buyers it means when they find something they like a decision needs to be made fairly quickly to ensure they secure the home.
98.1% Sale to List Price- With it being such a competitive market, homes are selling for just about what they are being listed for. The days of making an offer on a home significantly below what it is listed for and expecting the offer to be accepted is long behind us. When a home fits what a buyer is looking for, a strong offer needs to be made to secure the home over other buyers.
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