As long as the weather cooperates this winter, the Greater Lehigh Valley region should expect the housing market to strengthen along with the economy in 2015.
As long as the weather cooperates this winter, the Greater Lehigh Valley region should expect the housing market to strengthen along with the economy in 2015.
Home sales are expected to be higher this year, and prices will continue to grow at a stable, healthier level.
As the primary source of real estate data based on listing information from more than 2,000 Realtors, the Greater Lehigh Valley Realtors’ Multiple Listing Service statistics support this conclusion.
Home sales in 2014 got off to a slow start primarily because of the prolonged winter weather that had significant impacts across many sectors, even beyond housing.
Despite overall sales being down about 4 percent in 2014 compared to 2013, the greater Lehigh Valley real estate market is improving, and several metrics demonstrate that:
• Foreclosures and short sales are down nearly 25 percent compared to 2013.
• Home prices are up 2.6 percent with the average at $198,019.
• Homes are selling quicker, averaging 70 days on the market (compare that to the 110 days it took in 2011).
• Pending sales (an indication of future activity) are up 18 percent over the same time in 2013.
• Inventory is up 5.4 percent compared to 2013.
