Lehigh Valley Real Estate Market Statistics for December 2017
The real estate value of your Lehigh Valley home has changed! As you will see by the numbers, the Lehigh Valley Real Estate Market has been going strong for more than a full year. If you want to sell or buy a property, please call me, Diana 610-417-1174. If you want to know what your neighborhood or town are doing comparing to these overall numbers, please call me and we can get that information to you. If you would like to know how the value of your property has changed, Call me!
Here’s the NEWS-
- 448 New Listings have come on the Market in December that’s a -10.2% decrease over last 2016 December. And Year to Date (YTD) we are at 11,562 new listings on the market just -0.5% under last year’s 2016 numbers.
What does this means to you? It means that if you are a buyer you have -10% more properties to choose from than you did in 2016 December. But it also means that the market inventory hasn’t increased any more than it was in 2016. It is slightly under last year’s numbers.
- 612 Closed Sales or Settlements occurred in December 2017 which was a -3.6% decrease over last year. 8,346 YTD closings have occurred in 2017 which is a +4.0% increase over last year’s numbers.
What this means to you? It means that the real estate market is still robust. It is a good time to sell a home.
- 52 Days on Market (DOM) for December! WOW! That’s a decrease of -24.6% over last December. The YTD DOM number is 48 days on market! A -22.6% decrease over this time last year. Yikes, I don’t ever remember it being this low before.
What this means to you? If you are shopping for a property, you will have stiff competition among other buyers. If you are a buyer, you need to be pre-qualified with a recognized lender and ready to write an offer the MINUTE you see a property that you like. There is no time to “sleep on it”. If you like the property, I can guarantee that there will be several other buyers who like it as well and who are willing to make an offer too. So with that said, in a multi-offer situation be prepared to pay the asking price (if not more) for the property. As a seller it means that your property will sell quickly if it is in good shape and well priced. If it is overpriced for the market it will sit (even in this market), I promise you.
- The Median Sales Price for December and YTD is $182,750. The YTD number is $185,000. The median means that if you line up all of the sold properties, the exact middle of the list is $182,750. This number is up + 3.2% for December and up + 4.5% YTD.
What this means to you? This means that the home prices are still rising. It means that because many buyers are paying full asking price (or more) for a property the median number is on the rise. It is another indicator that the market is strong and if you are purchasing a property there is little room for negotiations on price.
- Average Sales Prices are up too! No surprise here. The Average Sales Price is $219,499 which is +8.2% above what the number was last December. The YTD sales Price is $215,271 which is up +5.0% over where it was last year. WOW!
What this means to you? More of the same…. Prices are on the rise and you’ll need to be prepared for that fact when making an offer. As a seller, WooHOo! It’s a great time to sell. Get your house listed NOW! But remember once you sell, you will be purchasing at the top of the market just like everyone else.
- Percentage of List price paid is still strong. For December buyers have been paying 97.5% of the asking price which is a +0.3% increase over last December. And the YTD number is just as strong at 97.7% which is a +0.5% increase over last year.
What this means to you? Once again, buyers don’t have much negotiation room on price. And for a seller, if your property is in good market condition you will be getting full asking price or slightly less for your property.
- This is the scary part…..Inventory Levels….For December the inventory of homes for sale is 1,606 which is a -28.4% decrease over last December.
What this means to you? It means that as a buyer you don’t have much choice. And it means that you don’t have time to make a decision. As a seller it means that it’s a GREAT time to sell because you have almost NO competition. So your house will sell quickly and at full (or almost full) price. List NOW, there’s no time to wait!
- And Drum Rolls Please ….The BIG indicator….Months of Supply of Inventory. It’s at an all time low of 2.2 months supply! This is down -35.3% over last year.
What this means to you? It means that as a buyer you will be seeing fewer homes that meet your criteria. It also means that you will be writing more offers because the properties that you are bidding on may be sold to another buyer. And it means that the properties in your price point will be selling quickly. As a seller, it means that you should be considering getting your house on the market. It also means that if your house has not sold, you need to do something about the price or about the condition. Buyers still understand the market and what their money will buy. So they will not bid on properties that they feel are overpriced or in bad condition. And if they do make a bid it will be at their perception of what the property is worth in today’s market place.
Diana Hodgson, Realtor, SRES, SRS, Keller Williams Real Estate, direct phone 610-417-1174,