Here is the April 2020 Real Estate Market Summary for the Lehigh Valley
The quick facts:
The one year change in closed sales was down 36.9% from 674 sold to 425.
The one year change in Inventory was down 46% from 1,757 houses for sale to 949.
The one year change in the median sale price of houses sold rose 10.4% from $192,000 to $212,000
The real estate market in the Lehigh Valley was dampened by the state mandate to not allow real estate activity. This meant that agents could not pursue business as usual and, as of this posting, are not allowed to do in person showings for buyers and can not visit Sellers at their homes. This also meant that if a property went under agreement after March 19th, there could be no inspections or other real estate related activity. So April real estate activity was dramatically reduced. New listings saw a decrease of 81.1% with only 216 new properties entering the market. The number of pending sales dropped 76.3% to 204. The already low inventory fell to what may be an all time low to 949 houses for sale.
A bright spot for sellers is the median price of a house increased by 10.4% to $212,000 and the number of days on the market dropped to 37 days on the market...a reduction of 19.6%. An interesting note is that Sellers who worked with tech savvy agents were able to get their properties on the market. When they did, they were rewarded with a quick turnaround and a higher profit.
What can we expect going forward? The COVID-19 affect varies widely from one state to another or in the case of Pennsylvania, from one county to another. We can expect that as restrictions are loosened that Realtors® will enjoy getting back to work while following CDC guidelines for safety and social distancing. Employment will pick up and economic activity will start to increase. For the near term the market will be constrained. The market is adapting to the challenges and agents are using technology to help buyers by providing virtual showings and by e-signing documents with buyers and sellers to help them with the challenges of buying or selling a home in this challenging time.
The market changes on a daily basis. To keep up to date or find the latest listings get a copy of my app by clicking on Tom's App.
If you wish to read the entire report compiled by the Greater Lehigh Valley Association of Realtors...click here