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Reports from the Lehigh Valley Association of REALTORS® indicate that the housing market is in the upswing. In the Lehigh Valley area, home sales were up 8.9% from April of 2009. The total number of homes sold during the month of May was reported at 442. “We’re beginning to see an increase in home sales and project that sales will continue to rise through the end of this year,” says Rosemary Scardina, Chief Executive Officer of the Lehigh Valley Association of REALTORS®.
The average sale price for May 2009 was recorded at $202,000; up approximately 2% from April 2009.The average sales price is obtained by dividing the number of sales into the total sales dollars. The median sales price of homes sold during the month of May remained consistent with the April figure of $180,000. The median sales price indicates the midrange of homes sold during the month, half the homes cost more than the median while half remain below the median price.
May sales distribution figures show that there were 115 homes sold in the $150,001 - $200,000 range; 90 homes sold in the $100,001 - $150,000 range and 72 homes sold in the $200,001 - $250,000 price range. Six new construction properties were sold during the month with a 4 bedrooms and 2 ½ baths average sale price of $464,000. The median sale price reported by the Lehigh Valley Association of REALTORS® was $408,000.
The regional report of homes sold showed that the most homes were sold in the Bethlehem area, Allentown and Easton areas respectively. “Those areas of the Lehigh Valley had the most concentrated number of homes for sale,” says Scardina.
There is good news for people selling their homes. The average sale price compared to the list price for residential properties was 96% which has remained consistent since March of this year. “When comparing list price to sold price ratios the average list to sale ratio in May of 2008 was at 97%. That means that even during difficult economic times the ratio of list to sale price is only 1% less than it was a year ago,” says Scardina.
Homes were on the market an average of 83 days during the month of May, a decrease compared to April 2009 of 86 days. “We’re beginning to see homebuyers making decisions just a little more quickly. We believe that the first-time homebuyers tax credit, historically low mortgage rates, and FHA loans for as little as 3.5% down are beginning to influence home buying decisions,” adds Scardina.
The statistics presented are completed each month based on the figures generated from the Lehigh Valley Association of RELTORS® 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 consistent.
This article is provided courtesy of the members of the Lehigh Valley Association of REALTORS®. Visit us at http://www.lehighvalleyarea.com/ and check out our open houses at http://www.lehighvalleyopenhouses.biz/ |