March Market Update 2021
Market Update — March 2021
Each month we offer a market update regarding real estate trends across the Lancaster, Allentown, Stroudsburg, and Easton regions for the previous month. As average sale prices increase greatly in the Lehigh Valley area, Stroudsburg saw the biggest jump in average sales price over the year (over 45%). New listings are increasing steadily from last year, although total listings have seen a significant decrease compared to March of last year. If you thought about buying or selling, the numbers are strong for our region, indicating a great time to act!
Main Statistics for March 2021
New listings – Our region saw new listings increase from last year in March, and also increase from last month. Lancaster added 644 new listings, Stroudsburg 600, Easton 549, and Allentown 497. If you were thinking about a spring move, inventory is still low with a decrease in total listings so a real estate professional with industry knowledge is going to be more important than ever.
Homes sold – With total listings down 40% and up, it’s no surprise that the number of homes sold across our various markets also came in slightly below last March's numbers as well. Even with the total inventory down the market in Lancaster is only 1% short of homes sold in March of 2020 and Stroudsburg is up 14% from last March's homes sold. 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 March 2020 and March 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 11% from last year, at $271,250. Allentown and Easton each saw jumps in home sale price averages, too, with margins of 10% and 16%, respectively. But the really hot market may just be Stroudsburg, with an average sale price of $224,950.00 and an increase of over 45% 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, it is steadily climbing to a 100% ratio. Lancaster is a 93% ratio, down 7% from March of last year.
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.