LV housing market sales improve by 15 percent
Data released by the Lehigh Valley Association of Realtors (LVAR) today, shows that the housing market remains favorable
Year-to-date sales are recorded at 5,312, up 15.1 percent over 2011 year-to-date sales of 4,614.
LVAR research shows there are 6,024 pending sales year-to-date, which indicates transactions in process that have not yet closed. This figure marks an increase of 31.2 percent over 2011 year-to-date pending sales of 4,589.
"LVAR members have reported that homebuyers are taking advantage of favorable market conditions and our extensive research puts solid numbers behind what we are hearing," says Ryan Conrad, CEO of LVAR.
"Our data, compiled from Realtors throughout the Lehigh Valley region, indicates that home sales and pending home sales increased over the same time the previous year for the past 17 months. The consistency in the real estate market for that significant amount of time goes beyond a positive trend, and indicates that the Lehigh Valley housing market is on the road to recovery."
November 2012 to 2011 comparisons also show growth in the housing market. The number of sales increased 16.4 percent, with 476 sales reported in November 2012, compared to 409 during the same month last year.
The average sales price of $184,00 rose slightly at 1.1 percent over last year at the same time when the average sales price was recorded at $182,000.
Month-to-month comparisons show an increase of 5.5 percent with November home sales at 476, compared to October sales of 451. The average sales price decreased 9.9 percent at $184,000, compared to $203,000 in October of this year.
"During the month of November, 203 homes or 42.6 percent were sold in the $100,000 - $200,000 price range," says Conrad.
"The numbers show that many people are taking advantage of housing affordability." Since the average price is obtained by dividing the number of sales into the total sales dollars, the average sales price has decreased.
"We're finding that many people who previously rented are choosing to buy a home," says Andrea Decker, President of LVAR. "A fixed-rate mortgage remains consistent, while rents continue to escalate. Mortgage rates are at an historic low, making it possible for a mortgage payment to be less than rent."
Monthly statistics are based on figures generated by the Lehigh Valley Association of Realtors Multiple Listing Service. Average sales and median prices fluctuate monthly depending on the number of sales at the high or low end of the price range. The year-to-date numbers generally remain more constant.