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To say that Lehigh Valley Real estate is alive and well is putting it mildly. According to information released in the Lehigh Valley Association of REALTORS® Market Update, during November 2009, home sales were reported at 606. The number of sales increased 12.8% over October 2009 and 102% over November 2008.
“This is encouraging news for professional REALTORS® and for their clients,” says Rosemary Scardina, Chief Executive Officer of the Lehigh Valley Association of REALTORS® (LVAR). “The extension and expansion of the Homebuyer Tax Credit certainly played a role in the increase in sales.”
Homebuyer Tax Credit
The additions and extension on the Homebuyer Tax Credit included an extension of the $8,000 first-time homebuyer credit to April 30, 2010. Along with the extension of the existing program, income limits were raised to $125,000 for single buyers and $225,000 for couples. The new Homebuyer Tax Credit allows a provision for current homeowners. Current homeowners may benefit from up to a $6,500 tax credit on purchasing a home through April 30, 2010, if the home being sold has been their principal residence for five years consecutively within the last eight years. The maximum price of the home may not exceed $800,000 to qualify for the tax credit. Primary residences that qualify for the extended homebuyer tax credits include single-family homes, town houses, condos and co-ops.
Pricing Trends
The average sales price for November 2009 was recorded at $190,000, which remained the same, compared to October 2009. The average sales price is obtained by dividing the number of sales into the total sales dollars. Median sales price for November 2009 was recorded at $175,000, which is an increase compared to October 2009 with a median of $173,000. The median indicates the midpoint range of prices half the homes sell for less while half the homes sell for more.
The average sale price compared to list price for residential properties sold during the month of November 2009 was at 97%, which is an increase compared to October 2009 at 96%. The list price to sold price ratio also increased compared to November 2008 at 95%.
The average time a home was on the market remained the same from October to November 2009 at 78 days.
“November was a banner month for Lehigh Valley real estate with an increase in both sales and list to sale price,” adds Scardina. “We’re optimistic that the real estate industry in the Lehigh Valley will continue to flourish and stimulate the local economy.”
This article is provided courtesy of the members of the Lehigh Valley Association of REALTORS®. Visit us at http://www.lvrealestatecentral.com/. 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.
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