The Greater Lehigh Valley saw 305 fewer properties listed in September, a 12.6 percent drop compared to a year ago.
The Greater Lehigh Valley saw 305 fewer properties listed in September, a 12.6 percent drop compared to a year ago.
That continuing trend gives homebuyers fewer options and indicates a transition in the residential real estate market.
“We’re going into a seller’s market again,” said Pamela Gothard, real estate agent with RE/MAX Real Estate, Lehighton. “I wouldn’t say it is now, but if things keep going the way they are, it’s going to be.”
According to another agent, that transition has occurred, pushing up home prices.
“We’re continuing to see a reduction in the months’ supply of inventory to 4.2 months, which the National Association of Realtors suggests anything below six is a ‘seller’s market,’ ” said Brad Patt, senior vice president of Berkshire Hathaway HomeServices Fox & Roach, Coopersburg. “With that reduced supply, we’re beginning to see prices tick up.”
Home sales rose again, too, in September in the Greater Lehigh Valley – the eighth time in nine months this year that the region has seen a gain. All told, 1,632 homes were sold in September, an increase of 5.2 percent over last September.
Patt expects continued improvement in the number of homes sold and in increased prices.
“The only thing that may restrict the unit count of sales exceeding the current pace is the supply,” he said. “As long as we have a good supply of well-priced, well-staged properties, we will continue to see a steady, improving market for the end of 2016 and into 2017.”
The Lehigh Valley (Lehigh and Northampton counties) saw a 21.7 percent drop in new listings September over September and a $13,964 jump – 6.9 percent – in average sale prices. Closed sales increased by 5.7 percent.
“For those that have been on the fence to sell, given the increase in price, they may be in a great position to take advantage of the market,” Patt said. “I’m hearing to some degree sellers are hesitant to put their homes on the market because they are not feeling optimistic they will find something to buy.”
