Closed sales of houses in the Lehigh Valley entered March like a lion, zooming in February, increasing at an even faster pace than in January.

Closed sales of houses in the Lehigh Valley increased again by double digits, up 23.8 percent in February to 437 from 353 in February 2015, according to statistics provided by the Greater Lehigh Valley Realtors (GLVR).

The February data shows the local housing market is doing well despite a dwindling inventory of homes, stated the latest GLVR report.

Year to date, closed sales are up 21.6 percent to 902 as of February from 742 as of February 2015.

“Looking at the overall big picture, all the other key indicators for judging the health of our real estate market show we are strong across the board and progressing quite well,” said GLVR CEO Justin Porembo.

Pending sales also increased dramatically, up 23.1 percent in February to 651 from 529 in February 2015.

Days on the market decreased 4.8 percent in February to 80 from 84 in February 2015.

The months supply decreased 35.6 percent in February to 4.7 months from 7.3 months in February 2015. Inventory of four to seven months is regarded as constituting a balanced real estate market.

Inventory decreased 28.1 percent in February to 3,027 from 4,209 in February 2015.

“Shrinking inventory numbers is an issue that’s affecting real estate markets across the country, not just here in the Lehigh Valley,” said Chris Raad, GLVR President.

“The cure, of course, is more inventory. But new construction has been lagging during this opportune moment, and sellers of existing homes are not yet hitting the market in large numbers,” Raad said.

“With the heart of the spring selling season still a few months away, there’s a good chance those numbers will adjust and improve,” added Porembo.

New listings increased 9.2 percent in February to 845 from 774 in February 2015.

The average sales price increased 3.8 percent in February to $190,497 from $183,603 in February 2015.

The median sales price increased 2.2 percent in February to $165,495 from $162,000 in February 2015.

The percentage of list price received increased 0.5 percent in February to 96.6 percent from 95.1 percent in February 2015.

The affordability index decreased 1.4 percent.

According to the GLVR report, the Carbon County data shows days on the market decreased 3 percent to 128 days, and new listings increasing 26.5 percent. Median sales price dropped 11.8 percent to $79,250, with percentage of list price received at 90.1 percent.

The monthly housing data is collected by the GLVR from its Multiple Listing Service, a comprehensive database that includes housing market information from its more than 2,000 Realtor members.

The GLVR is a not-for-profit trade association providing professional development and training resources, competitive market information, legislative advocacy, a peer review and mediation process for members, and a dispute resolution service for consumers.

The GLVR owns and operates the Greater Lehigh Valley Multiple Listing Service, the Greater Lehigh Valley Real Estate Academy and is publisher of Greater Lehigh Valley Real Estate Weekly.

Information: GreaterLehighValleyRealtors.com