Greater Lehigh Valley Realtors announced this week in its monthly report that April home sales in the Lehigh Valley increased month-over-month for the first time in two years.
The 5% increase in closed sales was the first positive increase since April 2022, according to the GLVR report released this week.
GLVR CEO Justin Polembo said in a statement accompanying the report that while there is momentum in the market, inventory shortages remain a major challenge.
Inventories in April were nearly stagnant in Lehigh and Northampton counties, with increases in the two listings representing a 0.3% increase, the report said.
“Demand continues to outstrip supply and real estate is selling rapidly, with the typical Lehigh Valley home spending 22 days on the market,” he said. “We are considering advocacy policies at the local, state, and national levels to combat lingering supply issues.”
Below are some of the key statistics for April 2024 that GLVR highlights in its report.
- Closed sales increased 5% to 479.
- Median sales price increased 2% to $321,200.
- The number of new listings increased by 28.2% to 764.
- Pending sales increased 13.3% to 656.
- Months of inventory was 1.1 months, an increase of 10%.
- The amount received as a percentage of list price increased by 0.8% to 101.9%.
- Homes sold in an average of 22 days, two days faster than in April last year.
- In Carbon County, which GLVR also tracks as part of the market, the median sales price decreased to $222,500. Closed sales decreased to 49.
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