Market Update for the Lehigh Valley, Pennsylvania for October 2009

Looking at the Market Update for October 2009, the real estate market seems to be improving in the Lehigh Valley in Pennsylvania.  Here are the statistics:

During October 2009, 537 sales were reported, which is up about 2.1% from September 2009 at 526.

The average sales price for October 2009 decreased about 4% at $190,000 as compared to September 2009 at $198,000.

The median sales price for October 2009 was recorded at $173,000, which is a decrease compared to September 2009 with a median of $177,000.

The average time on the market for properties sold during October 2009 was 78 days, which is an increase compared to September 2009 at 74 days.

Ten new construction properties sold during October 2009, while only 7 sold in September 2009.  The average sales price for newly constructed homes with 4 bedrooms and 2 1/2 baths in October 2009 was $451,000 while in September 2009 the average sales price was recorded at $379,000.  The median sales price for October 2009 for new construction was $410,000 as compared to $356,000 in September 2009.  That's good news for new construction in the Lehigh Valley.

October Sales Distribution

Sale Price                                         Number of Sales
Under $70,000                                           56
$70,001 - $100,000                                    31
$100,001 - $150,000                                 120
$150,001 - $200,000                                 142
$200,001 - $250,000                                  84
$250,001 - $300,000                                  41
$300,001 - $350,000                                  25
$350,001 - $400,000                                  17
$400,001 - $450,000                                   5
$450,001 - $500,000                                   4
$500,001 - $600,000                                   6
$600,001 - $700,000                                   3
$700,001 - $800,000                                   2
$800,001 and above                                    1

YEAR IN REVIEW

Comparison of Activity from October 2008 to October 2009

During October 2009, 537 sales were reported, up about 30% from October 2008 at 413.

The average sales price for October 2009 was recorded at $190,000, down about 10.4% from October 2008 when the average sales price was recorded at $212,000.

The median sales price for October 2009 was recorded at $173,000 which was a decrease compared to October 2008 with a median price of $182,000.

The average time on the market for properties sold during October 2009 was 78 days, an increase from 71 days in October 2008.