Do you know what is going on in the Local Real Estate Mkt? Here is a summary for September 2014: “The continued increase of new listings – from the same time last year and over the last several months – has proved to be a continuing trend that is increasing the amount of housing inventory from which buyers may choose,” says Ryan Conrad, CEO of LVAR. Prices also continued to gain traction. Year-to-date, the median sales price remained the same at $170,000. The median sales price reflects the median point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. The average sales price for September 2014 was $213,261, an 8.6 percent increase. “The increase in home prices may be encouraging people who were waiting to sell their homes to put them on the market, something that is currently being reflected in the increase in new listings and inventory levels,” says Kim Lucas-Mantz, President of LVAR. “Our MLS data indicates that homes are selling for 96.4 percent of their list price.” Closed sales dipped 8.7 percent in September 2014, a less-than-stellar statistic being seen across the state. Kim Skumanick, president of the Pennsylvania Association of Realtors® (PAR), remains optimistic as we enter the year’s fourth quarter. “Throughout Pennsylvania we’re seeing continued signs of a stabilizing market,” Skumanick says. “Although home sales across the commonwealth remained relatively unchanged [in the third quarter], we still see positive signs in the marketplace.” One of the positive signs being seen in the Lehigh Valley market is pending sales continuing to climb. In September 2014, pending sales jumped 17.6 percent compared to last year at the same time. Pending sales reflect homes that are under contract but have not yet closed. “Consumers know that investing in a home is a great way to build long term financial wealth and stability,” Skumanick added. “Realtors are optimistic a slow, but steadily improving market will spur more consumers to achieve the American dream of home ownership.”
Posted on: Tue, 21 Oct 2014 14:59:14 +0000
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