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Community Corner

LVAR Releases Data on August Housing Market

(Lehigh Valley, PA – September 11, 2013) – The Lehigh Valley Association of REALTORS® (LVAR) released comprehensive data analyzing the Lehigh Valley housing market during the month of August 2013. The research includes comparisons from August 2012 to August 2013 and examines year-to-date trends. LVAR’s data is collected through its Multiple Listing Service (MLS) and analyzed to provide timely and accurate statistics. The monthly release of research to its members, the media, and the general public has established LVAR as the premier source of real estate information in the Lehigh Valley.

Results of the research show that pending home sales increased 24 percent from August 2012 to August 2013 rising from 579 to 718. Year-to-date comparisons over last year at the same time report an increase in pending home sales of 16.9 percent. Pending sales indicate a count of the properties on which offers have been accepted, but the transaction has not yet been closed.

“We have a positive outlook on the Lehigh Valley housing market as year-to-date closed sales increased 12.9 percent over last year at the same time,” says Ryan Conrad, CEO of LVAR. Closed sales year-to-date rose from 3,882 to 4,381. Year-to-date comparison research indicates that homes sold more quickly as the number of days on the market decreased 16.5 percent to 67 days. “The positive indicators are the basis we use in forecasting the future of the Lehigh Valley housing market,” adds Conrad.

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The median sales price in August 2013 was recorded at $185,950 up 6.3 percent over August 2012, while the average sales price rose 2.6 percent to $206,447. Absorption rates improved as the months supply of inventory was down 19.0 percent to 6.8 months. Inventory of approximately 4 to 7 months is typically regarded as constituting a balanced real estate market.

“The positive outlook on the housing market has created a renewed interest in real estate as a career,” says Therese Kelley, President of LVAR. “LVAR is providing a service to the community by offering pre-licensing courses at our Lehigh Valley Real Estate Academy in Bethlehem. We’ve discovered that people interested in real estate already have hectic schedules so we’re offering classes on Saturdays beginning in October.”

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For more information, visit LVAR.org.

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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