Comparison of Activity from June 2008 to July 2008

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold  in the Lehigh Valley during the month of July 2008 is 97%, which remained the same since April 2008.

New Construction:
For newly constructed homes with 4 bedrooms and 2 1/2 baths the average sale price is $421,000. The median sales price reported is $401,000. This information is based on 7 new construction properties sold during the month of July. During the month of June 2008 the average sale price was recorded at $473,000, the median was recorded at $423,000. The Average Sales price is obtained by dividing the total number of newly constructed sales into the total sales dollars of newly constructed homes. The Median Sales price indicates the mid-point of the range of sales-half of the homes sell for less, while half of the homes sell for more.

Lehigh Valley Real Estate Statistics:
The statistics presented in Market Update are compiled each month based on the figures generated from the Lehigh Valley Association of REALTORS® Multiple Listing Service. Average sales prices and median prices fluctuate monthly depending upon the number of sales at the high or low end of the price range. The year-to-date numbers will generally remain more constant. The Lehigh Valley Association of REALTORS®, “The Voice for Real Estate in the Lehigh Valley”, represents 2636 real estate professionals involved in all
aspects of the real estate industry.

Comparison of Activity from July 2007 to July 2008:

Number of Sales - During July 2008, 524 sales were reported, down approximately 24.5% from July 2007 at 694.

Average Sales Price - The average sales price for July 2008 was recorded at $236,000, down approximately 4.1% from July 2007 when the average sales price of the month was recorded at $246,000. The Average Sales price is obtained by dividing the number of sales into the total sales dollars.

Median Sales Price - The Median Sales Price for July 2008 was recorded at $207,000 which is a decrease compared to July 2007 with a median of $215,000. The Median indicates the mid-point of the range of prices-half the homes sell for less, while half the homes sell for more.

Average Market Time-The average time on the market for properties sold  in the Lehigh Valley during July 2008 was 65 days, an increase from 51 days in July 2007.

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold in the Lehigh Valley during the month of July 2008 is 97%, which remained the same compared to July 2007 at 97%.