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Health & Fitness

Parkland Real Estate: Where are we now?

The Parkland Real Estate Report Card is a monthly look at real estate activity in the Parkland School District. The March report has some mixed indicators, which may be good news for some!

Last month we had very good news to report with sales and pending sales continuing to show strong gains.  Did the good news for Parkland Real Estate continue in March?  The latest numbers from the Lehigh Valley Association of Realtors show a little bit of mixed information, although the outlook remains very strong.  A little of the numbers first before we get into the analysis:

March 2012 March 2013 Change Pending Sales 75 64 -10%

Closed Sales

33 47

17.5%

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Closed sales are up but pending sales are down.  For the past few months I've been telling you that the increased number of pending sales was a great indicator of future market activity.  So what does it mean that this month that number is lower than a year ago?  I really think it's indicative of something else I talked about last month: the number of homes available on the market.  There are currently 27% fewer homes on the market than a year ago.  We now have 283 homes listed for sale in the Parkland School District, down from 388 a year ago. 

See all homes for sale in the Parkland School District

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Of those 283 homes, a little over 100 are listed by builders as new construction.  Many of these new homes are duplicate listings for similar homes built at different addresses, so the choices for people looking to buy are even smaller than would appear.  The options are quite limited in some price ranges and we are starting to see multiple offers and bidding wars at the best listings.  Is the lack of Parkland inventory reducing the number of homes going under contract?  My feeling is that it probably is, given the strong interest from buyers throughout the market.  I think it will be another month or two before we know for sure, but if you've been holding off and waiting for the right time to sell your home in the Parkland School District now is definitely the best time to sell in years!

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