Lehigh Valley home sales stay strong while inventory stays low

Residential home sales haven’t shown any sign of slowing down in 2021.

The latest report from Berkshire Hathaway HomeServices Fox & Roach shows that home sales in the Lehigh Valley are up by 8.5%, with 511 homes sold in January 2021 compared to 471 homes sold in January 2020.

Statewide, the increase was even more significant with the number of properties sold up by an average of 13.5%, with 3,769 sold in January 2021 as compared to 3,321 in January 2020.

“As we move into 2021, the numbers and trends indicate that we will see a continued hot real estate market in the New Year,” said Berkshire Hathaway HomeServices Fox & Roach President Joan Docktor. “Many people who delayed home buying in 2020 are looking to purchase homes now or upgrade their space. But with a lack of homes for sale and low mortgage rates, homes for sale will move quickly and sales prices will continue to increase,”

Home values remain strong. The average sale price on residential properties is up by 25.7%, from $211,688 in January 2020 to $265,989 in January 2021.

Across Pennsylvania, the average sale price was $384,168 in January 2021 compared to $336,343, a 14.2% increase.

Of course the one thing hampering the industry – inventory – remains a problem. The agency reported that monthly average inventory is down by 46% from last year with only 1,511 homes for sale in the Lehigh Valley in January 2021, compared to 2,796 homes for sale in January 2020.

That means properties have been selling fast.

Average days on market is down by 40.2%, from 41 days in January 2020 to 25 days in January 2021.