The Lehigh Valley real estate market continued on the upswing, with an 8.3 percent increase in closed sales in May with 681 houses sold, compared to 629 houses sold in May 2015, according to figures released by the Greater Lehigh Valley Realtors (GLVR).

For the first five months of 2016, closed sales increased 14.9 percent with 2,815 houses sold, compared to 2,415 for the first four months of 2015.

Pending sales of houses increased 14.8 percent to 875 in May from 762 in May 2015, the GLVR reported.

“We really count on springtime to deliver positive numbers for us and this spring has not disappointed,” said GLVR CEO Justin Porembo. “Overall, we are pleased with the figures we are seeing so far.”

The May data shows that all the early-year forecasts were correct: Spring 2016 has been a vibrant period for both home-buying and selling, often with quick multiple offers that are near, at or even above asking price, according to the GLVR report.

“True, inventory is being stretched thin in some areas, but so far it has not led to any negative repercussions for buyers or sellers.

“It’s nowhere near a ‘the sky is falling’ situation, just something to keep a watchful eye on,” Porembo said.

New listings decreased 16.5 percent in April to 1,099 from 1,316 in May 2015.

Days on the market decreased 21.9 percent in May to 57 days from 73 days in May 2015.

The median sales price increased 3.2 percent in May to $179,500 from $174,000 in May 2015.

The average sales price increased 7.9 percent in May to $214,944 from $199,150 in May 2015.

The percentage of list price received increased 0.5 percent in May to 97.4 percent from 96.9 percent in May 2015.

The affordability index decreased 6 percent in May compared to May 2015.

Inventory decreased 34.5 percent to 3,177 in May from 4,854 in May 2015.

The months supply decreased 42.7 percent to 4.7 in May from 8.2 in May 2015.

Dwindling inventory numbers remain an outlying concern, stated the GLVR report.

“Thankfully, low mortgage rates, higher wages, and low unemployment numbers have collectively built a relatively sturdy housing marketplace which has been strong enough to withstand the dwindling inventory figures,” said Chris Raad, President of GLVR.

“How long this can continue without a fresh supply of homes remains an important question, but currently the conditions are apparently not keeping people from buying,” Raad said.

According to GLVR data for Carbon County, new listings are up 10.7 percent, the median sales price increased 48.2 percent to $125,950, with percentage of list price received at 94.7 percent.

Closed sales of houses in the Lehigh Valley increased 15.5 percent in April to 617, compared to 534 in April 2015

Closed sales of houses in the Lehigh Valley decreased 4.6 percent in March to 520, compared to 545 in March 2015

Closed sales of houses in the Lehigh Valley increased 23.8 percent in February to 437 from 353 in February 2015.

Closed sales of houses in the Lehigh Valley increased 14.4 percent in January to 445 from 389 in January 2015.

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