Closed sales of houses in the Lehigh Valley bounced back to a double-digit increase in November, up 12.4 percent to 591 in November, compared to 526 in November 2015.

The November statistics were released Dec. 13 by the Greater Lehigh Valley Realtors (GLVR).

For the year-to-date, closed sales have increased 7.9 percent to 7,260 from 6,726 in 2015.

Pending sales again increased, also by double digits in November, by 12.3 percent to 594 from 529 in November 2015.

For the year-to-date 2016, pending sales have increased 7.7 percent to 7,581 from 7,037 as of November 2015, the GLVR reported.

LV market

overview

November data shows that, as has been the case regularity throughout 2016, inventory was down, homes were selling in fewer days, and homes were selling for higher prices.

“The story has remained consistent, in regard to residential real estate,” said GLVR CEO Justin Porembo.

“In year-over-year comparisons, the number of homes for sale has been fewer in most communities. Inventory is the lowest it’s been since 2005, as it shrank 42.2 percent: 2,410 units in November 2016 versus 4,172 in November 2015,” Porembo said.

Fair weather, however, kept the market moving through normally quiet months. Pending sales were up 12.3 percent. Closed sales were up 12.4 percent. Prices continued to gain traction.

The median sales price increased 5.4 percent to $178,000. Days on market was down 10.9 percent to 57 days. Sellers were encouraged as months supply of inventory was down 47.1 percent to 3.6 months.

“Financial markets were volatile in the days surrounding the presidential election, but they self-corrected and reached new heights soon after,” said Christopher Raad, President of GLVR.

“Long-term indicators of what it will be like to have a real estate developer for a president remain fuzzy, but the outcome is not likely to be dull as we move into 2017,” Raad said.

Statistics listed

According to the GLVR report, new listings decreased 12.8 percent to 665 in November from 763 in November 2015.

Inventory levels in November decreased 42.2 percent to 2,410 units in November from 4,172 units in November 2015.

The median sales price increased .5.4 percent to $178,000 in November from $168,950 in November 2015.

The average sales price increased 0.8 percent in November to $198,102 from $196,486 in November 2015.

The percentage of list price received was up 0.1 percent in November to 96.7 percent from 96.6 percent in November 2015.

The housing affordability index decreased 8 percent in November, compared to November 2015.

Days on market was down 10.9 percent to 57 days in November from 64 days in November 2015.

The months supply of inventory was down 47.1 percent to 3.6 months in November from 6.8 months in November 2015.

Monthly closed sales

Closed sales of houses in the Lehigh Valley increased 0.7 percent in October to 687, compared to 682 in October 2015.

Closed sales of houses in the Lehigh Valley increased 5.7 percent in September to 673, compared to 637 in September 2015.

Closed sales of houses in the Lehigh Valley decreased 4 percent in August to 769, compared to 801 in August 2015.

Closed sales of houses in the Lehigh Valley decreased 11.4 percent in July to 714, compared to 806 in July 2015.

Closed sales of houses in the Lehigh Valley increased 3.7 percent in June to 858, compared to 827 in June 2015.

Closed sales of houses in the Lehigh Valley increased 14.9 percent in May to 681, compared to 629 in May 2015.

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.

Carbon County

In Carbon County, closed sales were down 7.5 percent. The median sales price rose 5.6 percent to $120,000. Inventory also remained low, sliding 25.8 percent to 365 units.

GLVR information

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