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Health & Fitness

Parkland Real Estate Report Card for May 2013

Prices are starting to inch upward in the latest Parkland School District Report Card.  The May report from the Lehigh Valley Association of Realtors and http://parklandhomesonline.com shows that the average sale price for homes sold last month was 3.6% more than homes sold a year ago.  This doesn't necessary mean that the value of your Parkland home is 3.6% higher than a year ago, but it does mean that the average sale price in the area has increased.  Kind of a tricky concept but I hope you understand the difference. 

Contact me at 484-893-1234 if you have questions about your home's value or sign up for our free monthly Market Insider Report.

61 homes went under agreement of sale in May, creating a total of 196 homes currently pending in the Parkland area.  Those 61 new homes under contract are just about equal to the 59 that closed in May, meaning the pipeline of homes scheduled to close has not decreased as we head into the summer months.  This is a good indicator that the local real estate market remains strong in mid-2013. 

Another indicator that I watch carefully is the months of inventory.  I explained this in a post several months ago, but here's a quick summary: how long would it take for every home currently listed to sell if no more homes came on the market.  This number is important for home buyers and sellers because it helps us to determine whether we are in a buyers market, a sellers market, or a neutral market.  There are currently 347 homes for sale in the Parkland area and last month 59 sold; we can divide 347 by 59 to find out that we have 5.69 months of inventory based on our most recent numbers. 

See homes for sale in the Parkland School District

An industry guideline is that 5-7 months supply of inventory is a balanced market, meaning neither buyers nor sellers have a big advantage in the market. Anything over 7 months is considered to be a buyers market, with inventory overwhelming demand. Conversely, inventory of less than 5 months indicates a sellers market, with strong demand depleting supplies of available homes.  We are on the lower end of a balanced market in our area right now and edging toward a sellers market.  If you've been holding off on selling your home, this summer and fall could be the best opportunity in years to sell quickly and for a good price!  We have more home buyers than sellers right now and need to find good homes to sell.  Let us know if the time is right for you to make a move!

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