Happy New Year!
As we go into 2021, I thought it was time to take a look at the inventory of Homes For Sale in the Lehigh Valley.
Unfortunately, before the Corona Virus home sale inventory was already low in the Valley. The virus caused the inventory to go lower even as a pent up demand existed with Lehigh Valley Home Buyers.
Pennsylvania Real Estate never fully shut down during the virus but for a few months a home buyer had to purchase a home without even physically visiting the property. Home Sales did occur during this time.
Once real estate agents were allowed to show homes again, the market took off. The first weekend I had buyers put an offer on a home that had 18 offers on it. The home was only listed for 3 days.
So, lets take a look at the Lehigh Valley Real Estate market right now.
As of 01/04/2021 Properties for sale in Lehigh Valley (Northampton and Lehigh Counties):
Residential Properties : 601
Under Agreement Properties: 1146
Bank Owned/Foreclosures: 8
Short Sales: 1
Adult/55+ Properties: 45 (mainly new construction)
Detached homes for sale: 394 (out of the 601 available residential properties)
This is what is currently available "For Sale" in both counties (Northampton and Lehigh).
This is far different from the real estate market over the past decade. At one point, we had over 5,000 available homes for sale in the Lehigh Valley with a few hundred bank foreclosures and short sales.
Lehigh Valley Investment Properties:
Properties Available: 176
Properties - Bank Owned: 0
Properties - Short Sales: 0
The inventory is causing the typical supply and demand curve to kick in and causing Lehigh Valley Home Prices to go up.
For all of your Lehigh Valley Real Estate needs visit www.lehighvalleyhomesonline.com
