I hope this update finds you well. If you know anybody who needs home Buying or Selling consulting, let me know! Referrals are my lifeblood in Real Estate!
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1.
Lehigh Valley Market Update from the Association of Realtors:
Reaction: I believe these numbers are awesome. February was a difficult month in respect to snow showers and bitter cold. Yet, the market still had growth. Below is the amount of new listings in Feb 2015 vs previous years.
In 2013, the idea of a shadow inventory of homes was prevalent. Meaning, bank owned proprieties and home sellers that just could not move before would create a backlog of listings once home prices went up. I am not sure how true, or untrue this is; however, seeing a decline in available listings from then is a positive indicator that this shadow inventory is not a prevalent theme in my opinion.
Looking at Feb 2015, there was a year over year increase in listings but also an increase in competition for listings because of strong buyer demand.
5.6 months of supply means if buyers keep buying at the same pace they did last month (Feb), there would be no homes to buy in 5.6 months. That is considered a normal market, while 6.5 is not a bad number from Feb 2014, its still considered a sellers market.
When pended sales are up over 41% year over year in Feb, that is probably a very good thing.
2.
Zillow Market Report Jan 2015:
This is the same as last month's Zillow Update. They lag behind, which is fine. I just thought I'd provide a link to you.
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