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Community Corner

LVAR Releases Data on June Housing Market

(Lehigh Valley, PA – July 16, 2013) – The Lehigh Valley Association of REALTORS® (LVAR) released extensive research on the June housing market. The research is a result of data collected through LVAR’s Multiple Listing Service (MLS) and analyzed to provide timely and accurate statistics to its members, the general public, and the media.

“LVAR’s June housing market research reflects the current economic recovery,” says Ryan Conrad, CEO of LVAR. “Positive indicators include the increase in closed and pending sales and the decrease in the number of days on the market and the months of inventory.”

Closed sales during June 2013 increased 9.2 percent over the same time last year. The total number of closed sales was calculated at 654. Pending sales, properties on which offers have been accepted but have not closed increased 16.9 percent to 697.

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“The increase in pending sales is expected to boost closed sales during the month of July,” says Therese Kelley, President of LVAR. “In the marketplace, we’re seeing homes selling much more quickly than they did at the same time last year. That’s great news for the Lehigh Valley housing market.”

Statistics show that the number of days on the market decreased 15.4 percent to 66 days compared to 78 days the same time last year. Inventory is also decreasing as the number of homes for sale was tabulated at 3,664, a decrease of 12.7 percent from last June. Absorption rates improved, as the months of inventory decreased 23.9 percent to a 6.7 months supply. “Inventory of approximately 4 to 7 months is typically regarded as constituting a balanced real estate market,“ says Conrad.

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Year-to-date research indicates that the average sales price was down 1.1 percent to $185,838 as compared to 2012 figures. The average sales price is determined by the total cost of homes sold divided by the total number of homes sold and fluctuates 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.

“LVAR’s June housing market research continues the positive trends that we have been seeing in the past,” says Conrad. “As the lead source of real estate information in the Lehigh Valley, LVAR will continue to collect, monitor, and analyze pertinent data from our MLS to track the area’s progress.”

Lehigh Valley Association of REALTORS® is a not-for-profit trade association that provides professional development and training resources, competitive market information, legislative advocacy, a peer review and mediation process for members, and a dispute resolution service for consumers. LVAR owns and operates the Lehigh Valley Multiple Listing Service (MLS), the Lehigh Valley Real Estate Academy, and is publisher of Lehigh Valley Real Estate Weekly. Members of LVAR pledge to uphold the National Association of REALTORS® code of ethics, a criterion of excellence and professional conduct. For more information, visit: www.LVAR.org.

Monthly statistics are based on figures generated by the Lehigh Valley Association of REALTORS®  Multiple Listing Service.

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