September 2012 Market Update:
Best regards to you! The housing market in the
Lehigh Valley has had some tremendously positive news over the past 2 months.
Notes about Median Price
-In July it was the first time in two years that the least
regression model for charting Median price over the that span is positive.
To Chart
-September witnessed impeded growth in the 2 year chart but
supported a 9.4% increase in price over the 1 year regression line and -1.7% in
the year over year chart.
Year Over Year Chart
-For three straight months the trailing 1 year regression
line for Median Price has shown growth.
Notes about Supply and Demand
-Sold Homes increased by 47% over the past year and this is a
positive for the Lehigh Valley.
Sold homes
-Comparing the time period of September 2012-2011 to September 2011-2010 shows marked
improvement
for the Lehigh Valley because For sale homes increased at a slower rate over the past
year and homes going Under Contract increased by an additional 25%.
Sept12-11 & Sept 11-10
-The Month to Month view is positive for all of the metrics
which implies future numbers should improve. These gains are excellent but
indicate slow growth, not the dramatically positive growth everybody would like to see.
Month to Month Chart
Notes about Supply
-The supply is at a close to market neutral level of 6.5.
Meaning if residents of the Lehigh Valley stopped listing their homes it would
take 6 months and 15 days to sell all of the homes on the market at the current
rate of sales.
-The Month to Month view illustrates a -36.3% decrease in
supply, this is excellent! 6.5 months vs 10.2
Month to Month Chart
-The trailing average of supply for the year has decreased
by -46.8%.
Year Supply Chart
-The supply of homes in the Lehigh Valley has not been above
10 for 2012; the supply of homes have not been above 9 this year.
-The average MSI for the Lehigh Valley indicates a slight buyer’s
market but since that buyer advantage is slight there is a significant
variances as to where Buyer’s have an advantage and where they do not. I feel compelled to say: "contact your local Realtor to find out the differences in area!".
Thanks for reading, I appreciate your time!
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