Local real estate agents say a strong and steady year of recovery in the Lehigh Valley housing market is under way.
June 2012 home sales, pending home sales, average sales price and year-to-date sales increased over June 2011. Home sales and average sales price also increased over May 2012, according to the Lehigh Valley Association of Realtors.
“The past 12 months have consistently shown gains in both monthly and annual comparisons,” says Ryan Conrad, CEO of LVAR. “The strong and steady growth is an indicator that the Lehigh Valley housing market is on its way to recovery.
Year-to-date home sales have increased 12.3 percent with June 2012 year-to-date home sales recorded at 2,587 over last year at the same time, when sales were recorded at 2,304, adds Conrad.
Home sales in the Lehigh Valley increased 11 percent over the same time last year with 554 homes sold in June 2012, while 499 were sold in June 2011. On a monthly comparison, home sales increased 17.9 percent, up from May 2012 when home sales were recorded at 470.
Year-to-date pending home sales are recorded at 3,438 as compared with 2,476 last year at this time, resulting in a 39 percent increase.
Pending home sales per month have increased 26.4 percent over pending home sales during the same months of the previous year for the past year. Pending home sales in June 2012 are recorded at 632 with pending home sales in June 2011 listed at 500.
The average home sale price in June was $206,000, increasing 9 percent over May 2012 when the average price was reported at $189,000. The June 2012 average sale price increased 3 percent over June 2011, when the average sale price was $200,000.
The average sales price is calculated by the total sales dollars divided by the number of sales.
The median sales price for June 2012 was tabulated at $184,000, up approximately 11.5 percent from May 2012 when the median price was $165,000. The median sales price is up 2.2 percent compared with June 2011 when it was recorded at $180,000. The median price indicates the midpoint range of prices.
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.