The Lehigh Valley continues to see a boost in the housing market with year-to-date sales of 4,329 up 17.3 percent over 2011 year-to-date sales of 3,690.
Year-to-date pending sales, which indicate transactions in process that have not yet closed, reached 5,152, up 40.4 percent from last year at the same time when pending sales were 3,670, according to the Lehigh Valley Association of Realtors (LVAR).
“Our data over the last 15 months shows that home sales and pending home sales have consistently increased over the same time the previous year,” says Ryan Conrad, CEO of LVAR. “The positive trend in the housing market is great news for our local economy. Research from the National Association of REALTORS® has shown that on the average, for every 1,000 homes sold, 500 jobs are created.”
September 2012 to 2011 comparisons reinforce the positive trends that have been evident for more than a year:
- The number of sales has increased 8.6 percent, with 468 sales reported in September 2012 as compared to 431 during the same month last year.
- The average sales price of $198,000 indicates an increase of 2.1 percent from $194,000 recorded in September 2011.
“Our members are finding that many renters who are able to take on the responsibilities of home ownership are choosing to buy a home,” says Andrea Decker, President of LVAR. “Historically low interest rates compared with the stable payments provided by a fixed-rate mortgage are attracting renters who are frustrated by increasing rental fees and decreasing availability in the rental market,” she adds.
September 2012 homes sales were down from August 2012 and is the usual trend for the time of year, however, the 17.3 percent increase in year-to date sales is a strong indicator that the housing market is on the road to recovery.
Monthly statistics are based on figures generated by the Lehigh Valley Association of REALTORS® Multiple Listing Service. Average sales and median prices fluctuate 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.
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.