The Market Update for December 2008 for the Lehigh Valley has come in and it is good news. 342 homes were sold in December 2008 as compared to 300 in November 2008. That shows a 14% increase in sales for December 2008.
The average sales prices on the other hand dropped. In November 2008 the average price of a home was $222,000 while in December 2008 the average sales price of a home was down approximately 5.9%, to $209,000. This is still good news for the buyers waiting for the prices to drop.
The average market time for properties sold in December 2008 increased to 78 days from 73 days in November 2008.
New construction, homes with 4 bedrooms and 2 1/2 baths, sold only 4 properties in December of 2008 with an average sales price of $477,000.
Here are the figures for December's Sales Distribution:
Sale Price Number of Sales
Under $70,000 18
$70,001 - $100,000 28
$100,001 - $150,000 72
$150,001 - $200,000 90
$200,001 - $250,000 52
$250,001 - $300,000 33
$300,001 - $350,000 18
$350,001 - $400,000 12
$400,001 - $450,000 6
$450,001 - $500,000 0
$500,001 and above 13
Overall, looking at these statistics, it shows that sales are on the rise even though sales prices are still dropping. It is still a good time for buyers especially with the interest rates still being low.
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