Recent Bethlehem Home Sales

I thought it would be interesting to look at some Home Sale Statistics for Bethlehem. I was particularly interested in the sale of 3 bedroom homes since that is the most requested home type. How are Bethlehem Home Sales in 2009 comparing to 2008 sales?

Year	# 3 BR Sales	Avg List Price	Avg Sold Price	Days on Market
2008	325	$184,137	$177,194	64
2009	145	$171,413	$164,601	84
Data taken from the Lehigh Valley MLS (LVAR)

So, halfway thru the year, we see that sales in 2009 for 3 bedroom homes in Bethlehem are less than half of what was sold for the complete year of 2008. In addition, the Average Sale Price has dropped by over $12,000 and the average Days On The Market has gone up by 20 days.

Has the price on these Bethlehem homes actually dropped by $12,000? Are they going to drop more?

What I do know is that First Time Home Buyer's are very active right now! They are typically looking for homes in the $150,000 or less price range. This could be why we are seeing the decrease in the average price. Home owners are having to lower their asking price to the point that these very active buyers will make an offer on their home.