The Lehigh Valley housing market continues to grow with August sales up more than 17 percent over the same month a year ago - and up about 15 percent over July.
There were 3,837 homes sold in August 2012 compared to 3,268 in August 2011, according to the Lehigh Valley Association of Realtors.
Year-to-date pending sales, which indicate transactions in process that have not yet closed, reached 4,648 up 38.4 percent from last year at the same time when pending sales were 3,359.
“August represents 14 months of consecutive positive gains in the number of home sales and pending home sales over figures at the same time the prior year," said Ryan Conrad, CEO of LVAR.
August 2012 to 2011 comparisons reinforce the positive trends that have been evident for over a year. The number of sales has increased 34 percent, with 630 sales reported in August 2012 as compared to 460 during the same month last year. The average sales price of $203,000 indicates an increase of 4.1 percent from $195,000 reported in August 2011.
“Homes are now selling at an average of 73 days,” says Andrea Decker, President of LVAR. “Last year at the same time, listings were on the market 90 days before being sold. The decrease in market time is great news for sellers,” she adds.
Monthly comparisons indicate that August 2012 home sales were up 14.8 percent over July 2012 when sales were recorded at 549.
Monthly statistics are based on figures generated by the Lehigh Valley Association of REALTORS® Multiple Listing Service. Average sales and median prices fluctuate monthly depending on the number of sales at the high or low end of the price range. The year-to-date numbers generally remain more constant.
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.