Spring real estate market off to slow start

“New listings and total homes for sale have been trending lower in year-over-year comparisons in many areas,” said GLVR CEO Justin Porembo, in a statement. “Locally, we’re seeing the same, but our numbers are holding steady with no major declines or increases.”

According to the report, prices in March declined 5 percent to $189,950, compared to last year. Homes continued to sell quickly, lasting, on average, 54 days on the market. Inventory levels shrank 7.2 percent to 1,521 units, leading to a month’s supply of inventory that dropped 8.7 percent to 2.1 months.

New listings increased 4.3 percent to 944. Pending sales were up 13.3 percent to 819.

In Carbon County, new listings increased to 90, and the Median sales price rose to $123,750. Pending sales climbed to 86, and there was a very slight decrease in inventory, which came in at 300 units.

“We are still seeing there’s no major increases or decreases,” said Carl Billera, GLVR president. “It’s just been pretty steady. The homes that are listing are selling pretty quickly.”

Though it has been a slow start to the season, Billera said he was optimistic it would pick up.

“I do feel like if we start getting some listings there, the numbers are going to jump,” Billera said. “There’s no hiding the fact that inventory is definitely depleted.”

For March, the inventory of homes available on the market dropped from 1,639 last year to 1,521 this year, a 7.2 percent change. In March 2017, that figure dropped even further, with 2,214 homes available, a 27.2 percent difference from March 2018.

Brian Pedersen
Reporter Brian Pedersen covers construction, development, warehousing and real estate and keeps you up to date on the changing landscape of our community. He can be reached at brianp@lvb.com or 610-807-9619, ext. 4108.

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