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 how your neighborhood or town are 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!
The real estate statistics that are being reported are always a month behind because the calculations are not done until after a month’s business has closed.
Here’s the NEWS-
1. 713 New Listings have come on the Market in November that’s a +5.2% increase over last 2016 November. And Year to Date (YTD) we are at 11,116 new listings on the market just -0.1% under last year’s 2016 numbers.
What does this means to you? It means that if you are a buyer you have 5% more properties to choose from than you did in 2016 November. 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.
2. 661 Closed Sales or Settlements occurred in November 2017 which was a +7.7% increase over last year. 7,709 YTD closings have occurred in 2017 which is a +4.3% increase over last year’s numbers.
What this means to you? It means that the real estate market is still robust. It is a great time to sell a home.
3. 43 Days on Market (DOM) for November! WOW! That’s a decrease of -24.6% over last November. The YTD DOM number is 48 days on market! A -21.3% 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, I promise you.
4. The Median Sales Price is the same for November and YTD is $185,000! The median means that if all of the sold properties were lined up the exact middle of the list is $185,000. This number is up + 5.7% for November and up + 4.5% YTD.
What this means to you? That means that the home prices are 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.
5. Average Sales Prices are up too! No surprise here. The Average Sales Price is $217,150 which is +9.9% above what the number was last November. The YTD sales Price is $214,983whichis up +4.8% 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.
6. Percentage of List price paid is still strong. For November buyers have been paying 98.1% of the asking price which is a +1.4% increase over last November. And the YTD number is just as strong at 97.8% which is a +0.6% increase over last year 2016.
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.
7. This is the scary part…..Inventory Levels….For November the inventory of homes for sale is 1,931 which is a -26.4% decrease over last November. And incidentally, November 2016 levels were -24.0% below that of 2015.
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!
8. And Drum Rolls Please ….The BIG indicator….Months of Supply of Inventory. It’s at an all time low of 2.7 months supply! This is down -30.8% over last year. And once again last year’s November months of supply was -29.1% lower than what it was in 2015!
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
email: Diana@RedHeadAgent.com Website: www.RedHeadAgent.com