The Lehigh Valley Market seems to be on a slow path to growth. The interest rates went down this month and this likely has a convincing correlation to the precipitous drop in oil prices.
1. Supply September 2014: Please Click here for the Chart
Most importantly, bank properties continue to make up less of the market place as compared to a year ago. 4.4 MSI vs 6 MSI MoM. This seems to be encouraging non-distressed sales, you know, normal homeowners, to put their properties on the market. It would be my guess that bank properties are likely seeing more multiple bid situations since their are less of them.
2. Lehigh Valley Association of Realtors: Please click here for the full report.
Reaction: Closed Sales are down, however, prices went up? I believe is this is due to distressed sales composing less of the market.
Here is a break down of each School District in the Lehigh Valley
3. Zillow Report -- click here for the full report
I like to show a report that is generated from outside of the Lehigh Valley Realtors. Zillow's listing sometimes differs from the MLS, so the information being processed is a little different.
Negative Equity for each county is 19.9 % and 20.0 %
The Lehigh Valley is catching up to the National negative equity ratio. This is important because it means people will start to make money on their home when they go to sell. It is also nice because it psychology supports folks thinking about making upgrades to their home. The Lehigh Valley has made incremental but steady improvement in this area and it is nice to see folks continue to get more equity in their homes.
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