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The Greater Lehigh Valley REALTOR Report 2023-02
The Greater Lehigh Valley REALTOR Report 2023-02
New Listings decreased 28.9 percent to 458. Pending Sales were down 9.9 percent
to 501. Inventory levels shrank 2.4 percent to 489 units. Activity Overview 2
New Listings 3
Prices continued to gain traction. The Median Sales Price increased 15.1 percent to
$299,275. Days on Market was up 25.0 percent to 30 days. Buyers felt empowered
Pending Sales 4
as Months Supply of Inventory was up 14.3 percent to 0.8 months. Closed Sales 5
Days on Market Until Sale 6
With buyer demand down from peak levels, home price growth has continued to Median Sales Price 7
slow nationwide, although prices remain up from a year ago. Sellers have been
increasingly cutting prices and offering sales incentives in an attempt to attract Average Sales Price 8
buyers, who have continued to struggle with affordability challenges this winter. The Percent of List Price Received 9
slight decline in mortgage rates earlier this year convinced some buyers to come off Housing Affordability Index 10
the sidelines, but with rates ticking up again in recent weeks, buyers are once again
Inventory of Homes Available 11
pulling back, causing sales activity to remain down heading into spring.
Months Supply of Inventory 12
Activity by School District 13
Lender-Mediated Activity 14
Carbon County Activity Overview 15
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime.
Activity Overview
Key metrics by report month and for year-to-date (YTD) starting from the first of the year.
Pct. of List Price Received 101.4% 99.9% - 1.5% 101.6% 99.4% - 2.2%
2-2020 2-2021 2-2022 2-2023
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 2
New Listings
A count of the properties that have been newly listed on the market in a given month.
New Listings
February Year to Date Prior Year Percent Change
- 23.8% + 20.6% - 16.5% + 4.6% - 19.7% January 2023 494 542 -8.9%
- 28.9% February 2023 458 644 -28.9%
12-Month Avg 726 837 -13.3%
2021 2022 2023 2021 2022 2023
1,500
1,000
500
0
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 1-2021 1-2022 1-2023
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 3
Pending Sales
A count of the properties on which offers have been accepted in a given month.
Pending Sales
February Year to Date Prior Year Percent Change
- 22.5% + 18.6% - 9.9% - 13.7% + 1.2% - 8.6% January 2023 439 473 -7.2%
February 2023 501 556 -9.9%
12-Month Avg 614 730 -15.9%
2021 2022 2023 2021 2022 2023
1,000
800
600
400
200
0
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 1-2021 1-2022 1-2023
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 4
Closed Sales
A count of the actual sales that closed in a given month.
Closed Sales
February Year to Date Prior Year Percent Change
- 7.0% - 2.3% - 15.9% + 3.2% + 1.8% - 26.9% January 2023 365 564 -35.3%
February 2023 360 428 -15.9%
12-Month Avg 620 729 -15.0%
2021 2022 2023 2021 2022 2023
1,000
800
600
400
200
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 1-2021 1-2022 1-2023
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 5
Days on Market Until Sale
Average number of days between when a property is listed and when an offer is accepted in a given month.
Days on Market
February Year to Date Prior Year Percent Change
100
80
60
40
20
0
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 1-2021 1-2022 1-2023
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 6
Median Sales Price
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
+ 13.2% + 14.3% + 15.1% + 18.6% + 15.2% + 13.2% January 2023 $300,000 $270,500 +10.9%
February 2023 $299,275 $260,000 +15.1%
12-Month Med* $297,500 $261,000 +14.0%
2021 2022 2023 2021 2022 2023
* Median Sales Price of all properties from March 2022 through February 2023. This
is not the average of the individual figures above.
$300,000
$250,000
$200,000
$150,000
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 1-2021 1-2022 1-2023
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 7
Average Sales Price
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
+ 15.1% + 12.4% + 9.3% + 20.0% + 15.8% + 8.8% January 2023 $341,803 $313,567 +9.0%
February 2023 $327,117 $299,406 +9.3%
12-Month Avg* $338,591 $300,604 +12.6%
2021 2022 2023 2021 2022 2023
* Avg. Sales Price of all properties from March 2022 through February 2023. This is
not the average of the individual figures above.
$350,000
$300,000
$250,000
$200,000
$150,000
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 1-2021 1-2022 1-2023
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 8
Percent of List Price Received
Percentage found when dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a
given month, not accounting for seller concessions.
+ 2.6% + 1.1% - 1.5% + 2.7% + 1.4% - 2.2% January 2023 98.9% 101.7% -2.8%
February 2023 99.9% 101.4% -1.5%
12-Month Avg* 101.8% 101.8% 0.0%
2021 2022 2023 2021 2022 2023
* Average Pct. of List Price Received for all properties from March 2022 through
February 2023. This is not the average of the individual figures above.
104.0%
102.0%
100.0%
98.0%
96.0%
94.0%
92.0%
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 1-2021 1-2022 1-2023
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 9
Housing Affordability Index
This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of
what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
Affordability Index
February Year to Date Prior Year Percent Change
- 1.5% - 11.5% - 32.4% - 5.9% - 12.6% - 30.7% January 2023 118 168 -29.8%
February 2023 115 170 -32.4%
12-Month Avg 0 0 0.0%
2021 2022 2023 2021 2022 2023
220
200
180
160
140
120
100
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 1-2021 1-2022 1-2023
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 10
Inventory of Homes Available
The number of properties available for sale in active status at the end of a given month.
Inventory
February Prior Year Percent Change
5,000
4,000
3,000
2,000
1,000
0
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 1-2021 1-2022 1-2023
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 11
Months Supply of Inventory
The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.
Months Supply
February Prior Year Percent Change
12.0
10.0
8.0
6.0
4.0
2.0
0.0
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 1-2021 1-2022 1-2023
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 12
Activity by School District
New Listings, Closed Sales, and Average Sales Price are based on year-to-date (YTD) figures. Homes for Sale is based on monthly figures.
New Listings Pending Sales Closed Sales Avg. Sales Price Inventory
YTD 2022 YTD 2023 +/– YTD 2022 YTD 2023 +/– YTD 2022 YTD 2023 +/– YTD 2022 YTD 2023 +/– 2-2022 2-2023 +/–
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 13
Lender-Mediated Activity
Metrics are based on year-to-date (YTD) figures. Lender-mediated properties are those marked as "Foreclosed," "REO," "Bank Owned," "Pre-Foreclosure" or "Short Sale."
Residential activity only. The YTD data point represents all traditional and lender-mediated activity. Share is the market share of lender-mediated activity for each area.
Inventory Closed Sales Median Sales Price (YTD) Avg. Sales Price (YTD)
02-2023 Lender-Mediated Share YTD 2023 Lender-Mediated Share Traditional +/– Lender-Mediated +/– Traditional +/– Lender-Mediated +/–
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 14
Carbon County Activity Overview
Key metrics by report month and for year-to-date (YTD) starting from the first of the year.
Pct. of List Price Received 98.4% 97.2% - 1.2% 98.5% 96.5% - 2.0%
2-2020 2-2021 2-2022 2-2023
Inventory 83 82 - 1.2% -- -- --
2-2020 2-2021 2-2022 2-2023
Current as of March 10, 2023. Data © 2023 Greater Lehigh Valley Realtors® MLS. Report © 2023 ShowingTime. | 15