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Seller’s market is here as buyers vie for homes

It’s now a seller’s market for residential real estate in the Greater Lehigh Valley.

It’s now a seller’s market for residential real estate in the Greater Lehigh Valley.

Not only did home sales leap 19.7 percent in April when compared to last April, but pending sales last month saw a 21.7 percent jump – numbers that indicate a scorching market that can only get hotter.

“The market has gotten pretty robust,” said Frank Renaldi, owner/broker of Century 21 Pinnacle, with offices in Wind Gap, Bethlehem Township and Allentown. “It has become a seller’s market.”

Regionally, residential home sales jumped from 1,243 last April to 1,488 last month. The improvement is even more dramatic when compared to April 2014, as last month’s sales were 30.6 percent better than they were two years ago.

Meanwhile, the region saw a 12.8 percent drop in new listings compared to last April, another indicator of a budding seller’s market.

“For the longest time, we were pretty much at a balanced market where our inventory was out six to seven months,” Renaldi said. “Now it’s only out four months, so it’s definitely switched to a seller’s market.

“If they price their house right, they will end up in a bidding war and probably end up with more money than if they tried to price it too high.”

The region also saw a 2.8 percent growth in average sales price in April, when compared to April 2014.

“We’re seeing multiple offers on a lot of the sales we are doing now,” said Renaldi, who added that April saw a 35 percent growth in average sale price in his office. “Because of the inventory being down basically a third over last year, the houses that are priced right are not lasting very long on the market. …

“We are at the beginning stages of a moderately hot market. I think it will sustain for quite a while.”

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