The Lehigh Valley Association of REALTORS® (LVAR) released comprehensive data analyzing the Lehigh Valley housing market during the month of September 2013. The research is based on information provided by more than 2,000 Realtor® members of the Association and includes comparisons from the same month last year as well as year-to-date statistics.
“Our research is based on data collected through our Multiple Listing Service (MLS) and analyzed to provide the most accurate and comprehensive information available on the Lehigh Valley housing market,” says Ryan Conrad, CEO of LVAR. “The release of our research to our members, the public, and the media has positioned LVAR as the lead source of real estate information.” Along with the release of data, LVAR provides insight on current real estate issues. On October 23, the Association will host a forum on proposed legislation to eliminate school property tax. The event will feature speaker Jason Horwitz of Anderson Economic Group who will announce the results of an economic impact study on the legislation.
September data shows positive trends in the housing market continued. Pending home sales increased 28.6 percent from 472 in September 2012 to 607 in September 2013. Pending sales indicate a count of the properties on which offers have been accepted, but the transaction has not yet been closed. Closed sales rose 18.2 percent to 579 compared to 490 at the same time last year. New listings increased 20.0 percent to 1,063 compared to 886 in September 2012.
The Market Update can be viewed at: http://bit.ly/1fzAQ4H
LVAR’s research indicates that homes sold more quickly compared to last year with the number of days on the market recorded at 67, a decrease of 11.8 percent. Absorption rates also improved. The months supply of inventory was down 14.8 percent to 6.9 months. constituting a balanced real estate market.
Year-to-date figures proved positive. Closed sales increased 14.9 percent to 5,024 and pending sales increased 16.3 percent to 5,570 compared to last year at the same time. Days on the market decreased 16.7 percent over last year. “LVAR’s year-to-date statistics reflect steady improvements in the Lehigh Valley housing market,” says Therese Kelley, President of LVAR. “We are optimistic that the current climate will continue.”
About the Lehigh Valley Association of REALTORS:
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.
