Welcome to the wacky world for real estate and the real estate statistics for February 2021! The past snow storms and the lack of inventory and the pandemic have taken their toll once again.
I invite you to watch my video below.
New listings were down -28.5% over this time last year. The new listings on the market in 2021 was only 501 compared to last year’s number of 701.
Completed or closed sales was down -11.7% . The number of closed sales for February 2021 was 416 compared to last year’s number of 471.
Days on Market
Days on Market (DOM) is a very important number because it tells us how quickly a home is going to sell. For February 2021 the DOM was 23 days! That’s down from 51 DOM last year. And that is a -54.9% change. It’s crazy how quickly a house is selling!
Average Sales Price
The average sales price has risen from $231,473 up to $269,989. That’s a +16.6% increase in prices. It is proof positive that because inventory levels are low and demand is high- that has a positive push on prices. They continue to go up and up!
% of List Price Received
This number tells us how much negotiating power a buyer has. And this number tells us how much a seller should expect to receive on the list price. Houses are selling for 100.4% of the list price. There have been multi offers on most every home and buyers are bing forced to pay list price or more for a property. Not much negotiating room.
When the housing market is level there is about 6 months supply of homes available to be sold. As the months of supply shrinks it becomes a “Sellers’ Market” and as that number of months increase, the market becomes a “Buyers’ Market”. We currently have .7 months supply of homes on the market! That’s another crazy number! It just proves that there is no inventory to buy so everyone is fighting over the same house. This time last year there were 1.7 months supply on the market. That change equates to a -58.8% change.
What This Means for YOU?!?!
If you’re a seller then you can expect to receive multiple offers for your home. You will sell at your list price or higher. And if you’re a buyer? You’ll need to be prepared with a pre-approval and the ability to make a quick decision. My suggestion……start to look at properties which are priced under your pre-approval amount. That way you can bid at list price or you can afford to overbid to be the winning offer.
It’s not an easy market for anyone in real estate; buyers, sellers and agents. You need to work with a professional who will help you get through the process without giving up all of your negotiating power.
If I can help you Sell, Buy or Invest in real estate, please give me a call. My number is 610-417-1174. I look forward to hearing from you!
Hey friends! Today we’re going to talk about downsizing and 55+ communities here in Forks (and Palmer) Townships. I know that there are lots of 55+ communities that you can choose from and I want to show you the options that you have. One of the things that really worried when I first moved here or when I first started to sell real estate was that I heard people saying, “Oh, I never saw that community.” or ” Oh, if only somebody had told me about this address, I would have moved here!” Anyway, today you’re going to hear about all of them. So stay tuned!
The Village at Upstream Farm
The Village at Upstream Farm is in a quiet location, in a rural location but it’s still close to everything. It’s really close to shopping, entertainment and restaurants. Within minutes you can be at one of the largest shopping centers in Palmer Township. Where you’ll find a huge Wegmans store for all of your grocery shopping, there are lots of national brands like Target, Sam’s Club, Walmart, Hobby Lobby and others. There’s lots of restaurants there’s a Red Robin, Chick-fil-A, a McDonald’s, there’s also a local diner called Diner 248 and lots of other restaurants that you can enjoy. Plus there’s a movie theatre.
When you first drive into the Village at Upstream Farm you’ll see that the houses are in clusters and a circular configuration. So if you’re in one of the clusters on the outside ring, chances are you have a pretty private backyard that looks onto some woods or some countryside.
The Village at Upstream Farm is made up of one bedroom one bath, two bedroom two bath homes. The one bedroom one bath home is only about 990 square feet and then the two bedroom two bath home starts at around 1150 square feet. So they are small and they are reasonably priced.
The one bedroom one bath sold in the last 12 months between $140,000 and $149,000. The two bedroom two bath started at $178,000 and the most expensive sold for $189,000. All of the homes at Village at Upstream Farm are heated with gas and have gas hot water. Each of the properties has a one car garage, a small patio out back, the kitchens are all nice sized. The master bedroom is quite large and the master bath has a walk-in shower.
The layout is nice. You walk into the front door and the kitchen is to your right and you enter into a dining room & living room combination. And just beyond that is a little bump out which a lot of people use for a den or a tv room or an office. It has patio doors that go out to the patio on the back of the house.
I’ve added three different floorplans here for you to look at. The first floorplan is the one bedroom one bathroom home and it is one of the most commonly built plans in the community.
You’ll see the kitchen is approximately 12×8 it is adjacent to the dining room. The living room dining room conbination does have a vaulted ceiling creating a grandeur to the room. The laundry is on the way to the master bedroom, the master bath and the garage.
The second plan is the two bedroom two bath home. You’ll see in this model that the second bedroom is off of the living room dining room combination. You’ll see the bump out sunroom that I was referred to. And you’ll notice the second bath which is a half bath just off of the foyer.
And the last plan is the two bedroom two bath home. Like the previous plan it has a similar configuration with the sunroom bump out & the second bedroom and half bath. You’ll see that the second bedroom is with a slightly larger closet. But you’ll notice that the master bedroom includes the walk in closet in a different spot. This third plan overall plan is wider than the other two homes.
It is a smaller and more intimate community. Its made up of one and two bedroom homes. Each of the homes has stucco and stone accents on the outside. The Village at Upstream Farm does have a homeowner’s association fee. The monthly fee is $395 and that covers the use of the clubhouse, snow removal , lawn & shrub maintenance. So it’s nice easy free living.
The clubhouse does have community rooms, a community kitchen, a billiards table and an exercise room. The only drawback is that this community does not have an inground swimming pool like some of the other 55+ communities in the area.
The Highlands at Glenmoor
The Highlands at Glenmoor is another 55+ community in Palmer township. It is a community of about 250 homes and it’s set on 26 acres. It’s a community that’s made up of single homes as well as twin homes.
The twin homes at the Highlands at Glenmoor range from 1535 square feet to about 2400 square feet. The two bedroom two bath TWIN home sold in the last 12 months between $266,000 and $305,000. The three bedroom three bathroom TWIN home sold between $325,000 and $332,000 in the last 12 months.
SINGLE homes in this community start at 1800 square feet and go up to 3500 square feet. The SINGLE two bedroom two bathroom home sold between $332,000 and $360,000 last year. The three bedroom three bath SINGLE home sold between $335,000 and $435,000 last year.
Real estate taxes for this community range from $6,000 to $9,300 a year. With the average being $7,500.
In these homes you’ll see different architectural changes. Most have vaulted ceilings. There are lots of palladium windows, many homes have a fireplace added. There’s always a two car garage and it’s heated with gas and has gas hot water. So it’s very economical.
The homeowner’s association fee here at the Highlands of Glenmoor is currently $305 a month. That covers lawn maintenance, roof & siding maintenance, driveway maintenance, it also includes snow removal, use of the clubhouse and any other amenities.
The clubhouse at the Highlands of Glenmoor is really outfitted nicely. It has a big beautiful pool and patio, it has a gorgeous event space, there is a billiards room, an exercise room, the gym is outfitted with some of the finest equipment around. So you really get your money’s worth. Also at the Highlands at Glenmoor there is a bocce court and a tennis court. There is shuffleboard as well as great walking paths. This is a fabulous neighborhood to walk in. Every time that I am there showing property, I see lots of people out walking the neighborhood. Everyone always waves hello or says hello. It’s a nice community.
Just across the street from The Highlands at Glenmoor is another 55+ community in Palmer township and it’s called Glenmoor. It’s made up of about 185+ homes in another circular configuration built on the side of a hill. And it’s a combination of townhomes as well as single homes.
2 Bedroom 2 Bathroom Homes
The two bedroom two bath TWIN home in Glenmoor sold for $255,000 up to $295,000. Only twelve sales have occurred in the last twelve months.
The average price of a two bedroom two bath SINGLE home is $300,000.
3 Bedroom 3 BathroomHomes
The larger three bedroom and three bathroom TWIN sold between $280,000 and $290,000.
The SINGLE three bedroom three bathroom home sold for $307,000 to $350,000.
Annual real estate taxes in Glenmoor are about $7,000 a year. The range is from the lowest of $6,000 to the highest of $8,600.
Every home has a two car garage. The layouts are similar. When coming through the front door you enter into the foyer. Depending on the layout the front bedroom with be on the right or the left of the front door. Adjacent to the front bedroom will be the hall bathroom. As you go further down the hall you enter into the majority of the home with a large kitchen, living room and dining room combination. Sometimes the dining rooms are separate but most times it is one large open concept. The patio doors on the other side of the kitchen lead out to a patio or deck on every home. Opposite the living room/kitchen combination is the very large master bedroom with a big master bath and walk-in closets.
If there is a second floor in any of these homes the stairs will be located to the side about halfway into the property. You will not walk in the front door and see the stair right there. The stairs are beyond the hallway to the laundry and the garage.
The homes in Glenmoor are heated with gas and do have gas hot water.
The clubhouse at Glenmoor is big and gorgeous. It has a nice patio and inground pool. The clubhouse has meeting rooms too, a gym, there is a large beautiful event space with a kitchen you can use for parties and there are craft room, library, billiards room and other fun things to do.
Today, I’m going to review the March 2020 Real Estate market reports for the Lehigh Valley. These numbers include the time that the Corona virus started in our area and when many of us were told to stay at home.
First thing to talk about is new listings that came on the market. As you can see in 2019 there were 959 listings that came on to the market compared to the 722 of March 2020. That resulted in a whopping -24.7% change! What this mean to you as a home buyer is that there are less properties to look at in your price range and you have more competition with other active buyers looking to purchase. As a seller this means that the market is ripe for your to LIST YOUR HOME WITH ME to get it sold. As a seller you can count on having multiple offers if your house is in good condition and priced right.
Next up is closed sales or properties that have SOLD! You see that the number for 2019 shows that 609 properties sold last year in March. This year only 554 properties sold. Which produced another change of -9.0%. For both the buyer & seller this proves that inventory is low which has caused the numbers to drop. This is not a good indication of the pandemic because the majority of these sales had been in the works about 45 days before they closed in march.
The next slide shows you the length of time that a house is on the market until it gets tagged as SOLD. You’ll see that the days on market has decreased 20.4% to 43 days on market. This time last year it was 54 days on market. The number is a refection of the lack of inventory and the level of competition. There are a lot of buyer in the market with out enough inventory to choose from. One tip that I would give a buyer is be sure that you’re pre-approved for a mortgage before you go looking. You need to be ready to make an offer as quickly as you can and without a pre-approval you won’t be able to write an offer.
The average sales price has risen by 6.5% which is a great thing if you’re a seller. The new average is $238,350 up from 4223,812 last year. As a buyer rising prices is just more proof that the market is hot and you have to make a decision quicker than later. It also means that there isn’t much room for negotiation if prices are rising.
The next slide hasn’t changed much over the last 5 years. The percentage of the list price received by a seller is now at 98.7%. Over the last five years this number has always been in the 97+% range. Good for sellers and a tough negotiation for buyers. But there are
The next slide shows us that the inventory is shrinking. This is a clear indication of the affect that the virus is having on the market. Because we have had the shelter-in-place order and real estate is not considered essential at this point in time, many sellers have been sitting on the sideline which has resulted in the 36.5% reduction in inventory.
The lack of inventory is told in another way….The months supply of inventory. At this point in time we have 1.4 months supply of inventory if we continue to sell at the current rate. The inventory is down by 41.7%. In march of 2018 and 2019 we had 2.4 months supply. This is another clear indication that the pandemic is having an effect on the real estate market.
If you are interested to know what your home is worth, please contact me today for your free consultation. We can have our appointment virtually so that you don’t have to leave the house, but you’ll be able to get the information and answers that you’re looking for.