Lehigh Valley Market Update - Current Trends

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Lehigh Valley Market Update - Current Trends

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Lehigh Valley Market Update - Current Trends

  1. 1. June 2009 Market Update Month in Review A monthly publication of Lehigh Valley Association of REALTORS ® Comparison of Activity from May 2009 to June 2009 Number of Sales - During June 2009, 589 sales were reported, up approximately 33.3% from May 2009 at 442. Average Sales Price - The average sales price for June 2009 was recorded at $218,000, up approximately 8% from May 2009 when the average sales price of the month was recorded at $202,000. The Average Sales price is obtained by dividing the number of sales into the total sales dollars. Median Sales Price - The Median Sales Price for June 2009 was recorded at $196,000 which was an increase compared to May 2009 with a median of $180,000. The Median indicates the mid-point of the range of prices-half the homes sell for less, while half the homes sell for more. Average Market Time-The average time on the market for properties sold during June 2009 was 81 days, which was a decrease compared to May 2009 at 83 days. List Price to Sold Price Ratio: The average sale price compared to list price for residential properties sold during the month of June 2009 is 96%, which remained the same since March 2009 at 96%. New Construction: For newly constructed homes with 4 bedrooms and 2 1/2 baths the average sale price is $370,000. The median sales price reported is $329,000. This information is based on 6 new construction properties sold during the month of June. During the month of May 2009 the average sale price was recorded at $464,000, the median was recorded at $408,000. The Average Sales price is obtained by dividing the total number of newly constructed sales into the total sales dollars of newly constructed homes. The Median Sales price indicates the mid-point of the range of sales-half of the homes sell for less, while half of the homes sell for more. Lehigh Valley Real Estate Statistics: The statistics presented in Market Update are compiled each month based on the figures generated from the Lehigh Valley Association of REALTORS® Multiple Listing Service. Average sales prices and median prices fluctuate monthly depending upon the number of sales at the high or low end of the price range. The year-to-date numbers will generally remain more constant. The Lehigh Valley Association of REALTORS®, “The Voice for Real Estate in the Lehigh Valley”, represents 2382 real estate professionals involved in all aspects of the real estate industry. Year in Review Comparison of Activity from June 2008 to June 2009: Number of Sales - During June 2009, 589 sales were reported, up approximately 7.1% from June 2008 at 550. Average Sales Price - The average sales price for June 2009 was recorded at $218,000, down approximately 6.8% from June 2008 when the average sales price of the month was recorded at $234,000. The Average Sales price is obtained by dividing the number of sales into the total sales dollars. Median Sales Price - The Median Sales Price for June 2009 was recorded at $196,000 which was a decrease compared to June 2008 with a median of $200,000. The Median indicates the mid-point of the range of prices-half the homes sell for less, while half the homes sell for more. Average Market Time-The average time on the market for properties sold during June 2009 was 81 days, an increase from 61 days in June 2008. List Price to Sold Price Ratio: The average sale price compared to list price for residential properties sold during the month of June 2009 is 96%, a decrease compared to June 2008 at 97%.
  2. 2. Regional Report This table is a complete listing of real estate activity by school district in the Lehigh Valley Residential Commercial Rsdental Lot Investment Prop Monthly Year-To-Date Year-To-Date Year-To-Date Year-To-Date Pending Pending Lehigh Valley Listings Listings Average Listings Listings Average Average Average Average Active School Sales Sales Sales Sales Sales Sales Price Price Price Price Price New New Districts Allentown 199 223 78 77 130,000 1197 411 345 118,000 7 557,000 1 75,000 36 89,000 Catasaqua 12 14 13 7 163,000 96 44 41 138,000 1 170,000 1 40,000 0 N/A East Penn 89 110 54 79 246,000 718 276 305 240,000 4 270,000 4 79,000 1 190,000 Northern Lehigh 20 24 11 11 148,000 152 43 47 144,000 1 100,000 2 44,000 4 103,000 Northwestern Lehigh 31 37 9 5 242,000 161 38 31 271,000 0 N/A 4 122,000 0 N/A Parkland 108 102 37 55 287,000 641 205 208 266,000 2 612,000 3 119,000 3 191,000 Salisbury 19 19 14 9 226,000 145 60 48 194,000 0 N/A 0 N/A 2 91,000 Southern Lehigh 29 38 11 17 394,000 221 72 61 370,000 0 N/A 1 233,000 0 N/A Whitehall- Coplay 31 38 28 29 176,000 268 118 106 172,000 1 315,000 0 N/A 2 90,000 Bangor Area 41 41 11 13 183,000 246 70 69 166,000 2 198,000 2 43,000 6 128,000 Bethlehem Area 154 163 87 98 211,000 1004 400 378 197,000 3 918,000 3 63,000 14 183,000 Easton Area 142 151 41 79 218,000 816 256 288 219,000 5 252,000 1 20,000 13 184,000 Nazareth Area 57 59 23 25 277,000 272 96 84 268,000 2 340,000 4 104,000 0 N/A Northampton Area 65 75 28 31 214,000 452 142 148 189,000 3 411,000 7 55,000 3 179,000 Pen Argyl 19 18 9 14 169,000 116 49 41 187,000 1 250,000 2 110,000 2 203,000 Saucon Valley 40 41 12 21 275,000 193 61 65 268,000 1 281,000 3 41,000 1 175,000 Wilson Area 21 22 13 19 173,000 164 58 56 164,000 0 N/A 0 N/A 1 120,000 June Sales Distribution Sale Price Number of Sales under 70,000 27 70,001-100,000 36 100,001-150,000 98 150,001-200,000 200,001-250,000 145 113 Residential Market Highlights 250,001-300,000 69 300,001-350,000 45 Average 350,001-400,000 16 New Total Pending Average Median Market 400,001-450,000 18 Listings Sales Sales Sale Price Sale Price Tim e 450,001-500,000 7 Current 1175 589 479 218,000 196,000 81 500,001-600,000 10 Year-to-Date 6862 2321 2402 204,000 184,000 83 600,001-700,000 1 700,001-800,000 2 Previous Year 8555 2856 2771 220,000 193,000 68 800,001 and above 2 (Due to the timeliness of the monthly calculations, please utilize “Residential Market Highlights” for year-to-date totals)
  3. 3. Residential- The “Average Sale Price” is arrived at by adding sale prices of all properties sold within the LVAR area each month, and dividing that total by the number of sales Average Sale Price 260,000 236,000 234,000 229,000 228,000 222,000 222,000 221,000 240,000 218,000 217,000 212,000 210,000 209,000 208,000 202,000 202,000 202,000 220,000 198,000 196,000 200,000 180,000 160,000 140,000 120,000 100,000 Apr Apr Nov Nov Oct Oct Mar Mar May May Jan Jan Jul Dec Jul Dec Aug Aug Feb Jun Feb Jun Sep Sep 2008 2009 Residential-Median Sale Price This graph represents the midpoint of the price range for residential properties settled each month in the Lehigh Valley area. 230,000 207,000 220,000 200,000 200,000 200,000 197,000 196,000 210,000 193,000 192,000 190,000 190,000 187,000 185,000 185,000 200,000 182,000 180,000 180,000 180,000 190,000 166,000 180,000 170,000 160,000 150,000 140,000 130,000 120,000 110,000 100,000 Apr Nov Apr Nov Mar May Mar May Oct Oct Jan Jan Dec Dec Jul Aug Jul Aug Feb Jun Feb Jun Sep Sep 2008 2009 (Due to the timeliness of the monthly calculations, please utilize “Residential Market Highlights” for year-to-date totals)
  4. 4. This graph represents the total volume of residential sales each month for the Residential Sales entire Lehigh Valley area. 589 600 550 524 520 517 496 500 445 444 442 413 406 400 361 361 342 335 300 300 230 203 200 100 Apr Nov Apr Nov Mar Mar Oct Oct May May Jan Jan Aug Aug Dec Dec Jul Jul Feb Jun Feb Jun Sep Sep 2008 2009 This graph represents the total number of listings that had their status Residential- Pending Sales changed to “Under Agreement” during each month 700 586 600 509 479 476 472 471 500 435 426 401 394 387 371 400 332 328 265 300 251 245 188 200 100 0 Aug Aug Dec Dec Jul Jul Jun Feb Jun Apr Nov Apr Nov Sep Sep Mar Mar Oct Oct May May Jan Jan Feb 2008 2009 (Due to the timeliness of the monthly calculations, please utilize “Residential Market Highlights” for year-to-date totals)
  5. 5. This graph represents the total number of new listings submitted to the Lehigh New Listings Valley MLS each month. These listings include sales, leases and rentals 1900 2000 1800 1519 1600 1449 1448 1436 1430 1307 1400 1259 1246 1205 1177 1175 1148 1116 1200 1010 1006 1000 800 769 679 600 May May Jan Jan Dec Dec Feb Jun Feb Jun Jul Jul Nov Nov Sep Sep Oct Oct Mar Mar Aug Aug Apr Apr 2008 2009 This graph represents the “Average Sale Price” of newly constructed homes listed Residential-New Construction with the MLS during this month. These sales properties have an average of four bedrooms and 2 1/2 baths. 560,000 540,000 495,000 520,000 473,000 469,000 467,000 500,000 464,000 456,000 449,000 447,000 480,000 440,000 431,000 460,000 421,000 418,000 414,000 440,000 389,000 420,000 384,000 383,000 371,000 370,000 400,000 380,000 360,000 340,000 320,000 300,000 Apr Apr Nov Nov Mar Mar May May Oct Oct Jan Jan Jul Dec Jul Dec Aug Aug Feb Jun Feb Jun Sep Sep 2008 2009 (Due to the timeliness of the monthly calculations, please utilize “Residential Market Highlights” for year-to-date totals)
  6. 6. June 2009 Median Sale Price By School District in 185,000 Lehigh and Northampton Counties 188,000 254,000 146,000 215,000 220,000 185,000 162,000 165,000 180,000 150,000 265,000 130,000 230,000 230,000 329,000 220,000 The statistics presented in MARKET UPDATE are compiled monthly based on figures generated by the Lehigh Valley Association of REALTORS® MLS. Reproduction of any portion of this copyrighted material is prohibited without prior approval of the MLS. President: Susan Seidel Editor: Michael Naratil, Director of MLS

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