Median Home Price Highest in 9 years

The latest number from the Great Lehigh Valley Realtors Association is confirming what we’ve been advising since February; home prices are on the rise. The combination of still low interest rates, more buyers looking for homes, and a shortage of inventory have all combined to create the highest sale prices for homes since July 2008. While I’ve often cited August 2008 as the beginning of the market crash in the Lehigh Valley you can be assured that this month’s news will NOT be followed up by bad news next month!

Now for the numbers. The median home price for June came in at an even $200,000, an 11.2% increase over June 2016. The average time to sell a home was just 37 days, down from 56 a year ago. The number of homes listed for sale continued to decrease as well with 2,255 homes on the market at the end of June, down 40% from a year ago. The next number will appear to be a little strange but it has an easy explanation: the number of homes sold was actually down 2% for the month. This is where the lack of inventory shows up.  There are buyers in the market looking for homes and not finding what anything to buy. We see this firsthand with the buyers we’re currently working with.  I have 5 or 6 buyers that would buy a house tomorrow if what they were looking for came on the market.  These are serious buyers with reasonable expectations on price and condition that just haven’t been able to buy a home.  Some have lost out on multiple offers while others are looking in a geographic area that just hasn’t had many homes listed for sale.

If you’ve been thinking about selling this is the hottest market we’ve seen since 2008!  Call us for a free market evaluation on your home.  There’s no obligation and it only takes a short visit for us to have a look at your home and then send out your report.  Call us at 484-893-1234 to schedule your market analysis!