Lehigh Valley Market Update August 2008
Comparison of Lehigh Valley Home Sales from August 2007 to August 2008:
Number of Sales – During August 2008, 520 sales were reported, down approximately 23.4% from August 2007 at 679.
Average Sales Price – The average sales price for August 2008 was recorded at $228,000, down approximately 5.8% from August 2007 when the average sales price of the month was recorded at $242,000. 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 August 2008 was recorded at $200,000 which is a decrease compared to August 2007 with a median of $210,000. 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 Lehigh Valley properties sold during August 2008 was 68 days, an increase from 49 days in August 2007.
List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold during the month of August 2008 is 97%, which remained the same compared to August 2007 at 97%.
New Construction:
For newly constructed homes with 4 bedrooms and 2 1/2 baths the average sale price is $440,000. The median sales price reported is $391,000. This information is based on 15 new construction properties sold during the month of August. During the month of July 2008 the average sale price was recorded at $421,000, the median was recorded at $401,000. 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.
UPDATE:
YES, you can use Part of the $8,000 Tax Credit to buy your new home. Very few banks are doing ...
Comment by admin on 8 September 2008:
Lehigh Valley home prices continued to tumble downward in August and the number of homes sold sunk compared to the same month a year ago.
The average Lehigh Valley home sold in August went for $228,000, down nearly 6 percent from the same month a year ago, according to a monthly report from the Lehigh Valley Association of Realtors.
And the 520 homes sold for the month represented a 23 percent drop from August 2007.
The Lehigh Valley housing market downturn has been more subdued than some other parts of the country, such as Florida and California, that have seen steep price declines and big spikes in foreclosures. The most visible change has been homes lingering on the market.
The average home sold in August had been on the market for 68 days, an increase from 49 days a year ago.
-Reporting by Spencer Soper of The Morning Call