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.

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%.

If you are looking to search for homes for sale in the greater Lehigh Valley Area, including Allentown, Bethlehem, and Easton you can now do so with ease.

Introducing www.GoValleyHomeFinder.com ! This is a brand new free online search engine that gives you direct access to the Lehigh Valley Mult List system – the same one the Realtors use.

There are no registration forms to gain access, you can just enter your search criteria and instantly see live, update listing of all the homes for sale in the entire Lehigh Valley – Free.

The site is very user friendly and has many unique features that allow to quickly and easily save searches, inquire about listings, schedule showings, email the listing info and many more great features that make searching the Lehigh Valley MLS very easy.

One of the new features is the unique map search which allows you to select specific areas and view all homes in that particular town or city. The system allows you to search search by school district, zip code, town or city, or area of your choice.

Of course you can also select price range, property type, and features including bedrooms, bathrooms, square feet, and amenities. It’s just a very nice, real easy way to search live, updated results at your own pace, and in the privacy of your own home, then when you do find homes that interest you, you can quickly and easily request more information.

Click here to Search Lehigh Valley MLS Listings on the new GoValleyHomeFinder.com!

Comparison of Activity from June 2007 to June 2008:


Number of Sales – During June 2008, 550 sales were reported, down approximately 29.3% from June 2007 at 778.

Average Sales Price – The average sales price for June 2008 was recorded at $234,000, down approximately 0.85% from June 2007
when the average sales price of the month was recorded at $236,000. 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 June 2008 was recorded at $200,000 which is an decrease compared to June 2007 with a median of $207,000. 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 during June 2008 was 61 days, an increase from 51 days in June 2007.

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold during the month of June 2008 is 97%, which is a decrease compared to June 2007 at 98%.

In a recent Morning Call letter to the editor, LVAR (Lehigh Valley Association of Realtors) expressed  frustration with government officials continued reliance on the real estate transfer tax (PA recieve 2% on every Lehigh Valley Real Estate Transaction, buyer and seller each pay 1%).  Municipalities that were once booming with residential development are seeing the effects of a slow housing market, namely in the loss of income from estate transfer tax, which is shared by municipalities, school districts, and the state.  Collections REALTORS® have argued for years that local governments should not rely on the transfer tax for revenue because it is unstable and cyclical. 

source: Lehigh Valley Association of Realtors

The U.S. Senate passed a bipartisan mortgage rescue bill last Friday that allows the Federal Housing Administration to refinance troubled mortgages – even those that are under water – as long as banks agree to take a loss. The program would allow the FHA to help as many as 400,000 home owners. Now the bill goes to a bipartisan committee in the House for revision. The measure includes higher limits for FHA loans and creates a new regulator for Fannie Mae and Freddie Mac. It also would provide $14.5 billion in housing tax breaks, including a credit of up to $8,000 for first-time homebuyers.  Thanks to those Lehigh Valley Realtors who responded to the Call to Action.

source: Lehigh Valley Association of Realtors

The victory for REALTOR® and real estate consumers was short lived as Governor Ed Rendell vetoed legislation aimed at protecting consumers from spot reassessments.  Despite the overwhelming bipartisan support in both houses of the legislature.  LVAR (Lehigh Valley Association of Realtors) issued a press release expressing our disappointment with the Governor’s decision.  LVAR will continue to follow this issue closely and work with our legislators to address this issue when they reconvene in the fall. 

source: Lehigh Valley Association of Realtors

Original Article:

Spot Assessments will cease
In a huge victory for Lehigh Valley REALTORS® and home buyers, the General Assembly approved legislation on July 4 to stop school districts from appealing property tax assessments on homes that recently sold. Current law has created a loop hole for school districts to legally appeal assessments without technically conducting spot reassessment. Once enacted, Senate Bill 1247 (Rhoades, R-Schuylkill) and House Bill 1438 (Seip, D-Schuylkill) will close this loop hole. LVAR and PAR offered support for the legislation, which was opposed by the PA School Boards Association. Senate Bill 1247 passed with only two negative votes in the Senate and seven in the House; House Bill 1438 passed with three negative votes in the House and four in the Senate. The legislation is pending a signature by the Governor before it becomes law.

Be Sure To Let The Governor Know How You Feel!

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 2586 real estate professionals involved in all aspects of the real estate industry.

Number of Sales: During May 2008, 517 home sales were reported in the Lehigh Valley, down 22% from May 2007 at 663.

Average Sales Price: The average sales price for May 2008 was recorded at $217,000, which is up approximatly 9% from May 2007 when the average sales price was recorded at $215,000. The average sales price is obtained by dividing the the number of sales into the total sales dollars.

Median Sales Price: The median sales price for May 2008 was recorded at $190,000, which is an decrease compared to May 2007 with a median of $200,000. The median indicates the mid-point of th 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 during May 2008 was 68 days, an increase from 51 days in May 2007.

List Price To Sold Ratio: The average sales price compared to list price for residential properties sold during the month of May 2008 is 97%, which is a decrease compared to May 2007 at 98%

Prices are definitely coming down, that’s a good thing. But, its not a fire sale. Two and three years ago when the market was hot, homes were over priced and selling for more than they were worth in some cases. What’s happening now is that home prices are coming back into line of where they should be.

If you watch the news or read the paper, you may get unrealistic expectations of how much you can expect to pay for a home. Generally speaking you can offer as much as 10% below the asking price, then negotiate to 3-5% below. Before you write the offer, your agent should be able to tell you if its priced, at, above, or below market price, an should be able to give a market report showing how much homes are selling for in that area, and this report will also show the difference between the asking price and selling price of the homes.

Here in the Lehigh Valley, in most areas homes are selling for 95-97% of the asking price. So if you were to see a home listed for sale at $200k, you can expect to get it for $190-195k. In a hot market that home may list for $220k, so you are actually getting a good deal.

The point is that you should not expect to go in with unreasltic lo-ball offers, for example offering $170k on a $200k home. Unless the home is obviously over priced, or in need of major repair, this will result in a negative response from the seller.

The Lehigh Valley real estate market continues to be strong, even in this economy, homes are bought and sold everyday, many homes still sell very quickly, others may take a longer, but prices are still holding up fairly well.

In any case, be sure you a have a buyers agent working for you before you start looking, as he or she will be able to advise you on what you should expect to pay for the home your looking for. Contact an Agent Good Luck!