TABLE OF CONTENTS
Charts and Commentary ……….. Pages 1-2
Market Summary Table ……….. Page 3
Glossary ………... Page 4
2021
Joe McGavin
Keller Williams Real Estate 2901 Emrick Blvd, Ste 100 Bethlehem, PA 18020 LehighValleyHomeHunter.com Joe@JoeMcGavin.com Office: 610.867.8888 Hotline: 484.619.2569 www.LehighValleyHomeHunter.com www.twitter.com/JoeMcGavin www.linkedin.com/in/JoeMcGavin www.facebook.com/LehighValleyHomeHunter
the $150K - $200K price range has a relatively large number of contracts pending sale.
We also notice that the $150K - $200K price range has a relatively large inventory of properties for sale at 4 listings. The median list price (or asking price) for all properties in this market is $249,950.
A total of 212 contracts have closed in the last 6 months with a median sold price of $205,000. Breaking it down, we notice that the $150K - $200K price range contains the highest number of sold listings.
Alternatively, a total of 33 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or
perhaps the owner had second
thoughts about selling at this particular time. The $150K - $200K price range has the highest number of off-market listings at 16 properties.
"Current inventory is described as very active."
at the real estate market. Currently there are 29 sales pending in the market overall, leaving 14 listings still for sale. The resulting pending ratio is 67.4% (29 divided by 43). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!
& demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply. 0 2 4 6 8 10 12 14 16 $ 0 K $ 5 0 K $ 1 0 0 K $ 1 5 0 K $ 2 0 0 K $ 2 5 0 K $ 3 0 0 K $ 3 5 0 K $ 4 0 0 K $ 4 5 0 K $ 5 0 0 K $ 5 5 0 K $ 6 0 0 K $ 6 5 0 K $ 7 0 0 K
Properties For Sale Contracts Pending 0 10 20 30 40 50 60 70 80 90 $ 0 K $ 5 0 K $ 1 0 0 K $ 1 5 0 K $ 2 0 0 K $ 2 5 0 K $ 3 0 0 K $ 3 5 0 K $ 4 0 0 K $ 4 5 0 K $ 5 0 0 K $ 5 5 0 K $ 6 0 0 K $ 6 5 0 K $ 7 0 0 K Sold Off-Market
Allentown - West End
Number of Listings For Sale vs. Pending Contract
Allentown - West End
Num Sold vs. Off-Market (Last 6 mos.)
1 Real Market Reports
Updated 2/7/2021, RealMarketReports.com Copyright © Joe McGavin
Updated 2/7/2021, RealMarketReports.com Copyright © Joe McGavin
Analysis of the absorption rate indicates an inventory of 0.4 months based on the last 6 months of sales.
This estimate is often used to
determine how long it would take to
sell off the current inventory of
properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future.
might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated
by low DOM). Active listings
(properties for sale) have been on the market for a median time of 24 days. Analysis of sold properties for the last six months reveals a median sold price of $205,000 and 6 days on market. Notice that properties in the $450K - $500K price range have sold quickest over the last six months. The recent history of sales can be seen in the two charts below. The median sold price for the last 30 days was $205,000 with a DOM of 6 days. Since the recent DOM is greater than the median DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest
rates, the economy, or seasonal
changes.
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
"The median list-to-sales ratio for this area is 105.1%."
0 50 100 150 200 250 $ 0 K $ 5 0 K $ 1 0 0 K $ 1 5 0 K $ 2 0 0 K $ 2 5 0 K $ 3 0 0 K $ 3 5 0 K $ 4 0 0 K $ 4 5 0 K $ 5 0 0 K $ 5 5 0 K $ 6 0 0 K $ 6 5 0 K $ 7 0 0 K Sold For Sale $160K $170K $180K $190K $200K $210K $220K $230K
Sep Oct Nov Dec Jan Feb
0 1 3 4 5 7 8
Sep Oct Nov Dec Jan Feb
Allentown - West End
Median Days on Market (DOM)
Allentown - West End
Median Days on Market (Sold) Allentown - West End
Median Sold Prices
2 Real Market Reports
Updated 2/7/2021, RealMarketReports.com Copyright © Joe McGavin
Copyright © Joe McGavin Updated 2/7/2021, RealMarketReports.com
Copyright © Joe McGavin Updated 2/7/2021, RealMarketReports.com
A M A M A A M M A A M M A A M M A A M M A M A A M M A A M M A M A M A M
Date Range (Off-Market & Sold) = 08/09/2020 to 02/07/2021 Data believed to be accurate but not guaranteed.
N/A 2 6 N/A 0.3 0.7 0.5 N/A N/A N/A 0.3
Status = [1] Available; [2] Avail w/Contingency, Under Agreement; [3] Expired, Withdrawn, Temp Off Market; [4] Sold & Settled Area = 16 - Allentown-West PropertyType = Residential 205,000 $ 105% 218,248 $ 101% Market Medians 24 $ 249,950 6 $ 196,950 $ 195,000 33 212 Market Averages 61 $ 289,743 Market Totals 14 29 67% 17 $ 222,028 $ 215,806 785,000 $ $ 785,000 100% 1 785,000 $ 785,000 $ 100% 785,000 $ $ 785,000 0 0 $700,000 + 0 236 $ 699,000 0 699,000 $ 0 0 $650,000 $699,999 1 236 0 0 0 $600,000 $649,999 0 552,000 $ 105% 5 $ 525,000 $ 525,000 $ 552,000 105% 1 5 $ 525,000 $ 525,000 0 0 $550,000 $599,999 0 0 0 0 $500,000 $549,999 0 499,900 $ 100% 108 $ 450,000 1 1 $ 499,900 $ 499,900 $ 499,900 100% 1 $ 499,900 $ 499,900 450,000 $ 0 1 $450,000 $499,999 1 108 432,000 $ 97% 134 $ 420,000 3 14 $ 445,000 $ 445,000 $ 440,000 99% 26 $ 443,333 $ 443,333 420,000 $ 0 1 $400,000 $449,999 1 134 376,317 $ 96% 18 $ 394,900 $ 389,900 $ 381,450 98% 6 329,000 $ 103% 50% $ 323,591 4 $ 314,900 1 266,300 $ 5 17 $ 269,900 4 $ 314,900 27 14 15 $ 272,772 7 $ 265,000 63% 271,000 $ 77 172,000 $ 102% 226,600 $ 6 67% 173,450 $ 14 78% 16 $200,000 $249,999 3 17 169,950 $ $150,000 $199,999 4 68 54 2 N/A 3 100% 207,447 $ 13 $ 144,900 139,216 $ $ 136,284 98% $100,000 $149,999 0
Price Range Num # $50,000 $99,999 0 0 Days on Market Current List Price A = Average Value M = Median Value
N/A = Not Available
14
ACTIVE[1] List-Sale Ratio Est. Mos. Low High
33
OFF-MARKET (last 6 mos) (months of inventory)Num # Num # Num #
212
SOLD/CLOSED (last 6 months)[4] Days on Market Original List Price Final List Price Sold/ Closed Price MARKET SUMMARY TABLE29
PENDING$0 $49,999 0 Pend Ratio 0 1 0 2 $ 73,300 $ 73,300 $ 74,000 101% 70,000 $ $ 70,000 $ 75,000 107% 3 19 37 1 3 139,900 $ $ 140,000 16 $ 168,584 $ 168,822 $ 171,967 102% 167,900 $ $ 169,000 5 $ 219,900 217,131 $ 6 219,900 $ $ 220,000 100% 63 8 16 $ 215,000 3 220,643 $ 102% 102% 316,164 $ 102% 102% 393,917 $ 27 216,285 $ 267,632 $ $ 267,632 265,000 $ 5 $ 319,900 $ 318,900 1 66 $ 402,417 320,109 $ 0 $350,000 $399,999 0 $250,000 $299,999 3 $300,000 $349,999 1 0.4 11 7 N/A 0 3
Real Market Reports Market Summary Table
a. Number Active: The number of listings for sale which are currently being marketed but do not yet have a purchase agreement.
b. Days on Market (DOM): The marketing period of currently active listings. This does not account for some listings which have had a previous listing period, but were re-entered as a new listing.
c. Current List Price: The price that a property seller is currently asking. 2. CONTRACTS PENDING
a. Number Pending: The number of current listings for which a contract has been signed but has not yet closed. b. Pending Ratio: Sometimes called a “list-to-pending ratio”. This is a measure of how fast properties are going under
contract vs. how fast they are being listed.
Pending Ratio = P (Number of Pending Listings) A+P (Number of Active + Pending) (P) represents properties that buyers have chosen
(A+P) represents the entire pool from which they have chosen 3. OFF-MARKET
a. Number Off-Market: The number of listing agreements that have failed to close in the last 6 months. Some owners may choose to re-offer their property for sale.
4. PROPERTIES SOLD (CLOSED CONTRACT)
a. Number Sold: The number of properties that have gone to a closing in the last 6 months. b. Days on Market (DOM): The marketing time it has taken properties to sell in the last 6 months. c. Original List Price: The price at which a sold property was originally marketed.
d. Final List Price: The price at which a sold property was marketed just prior to selling. e. Sold/Closed Price: The price for which a property sold.
f. List to Sales Ratio: The percentage of the list price that the buyer ultimately paid for the property. List to Sales Ratio = Sold Price
Final List Price 5. ABSORPTION RATE / MONTHS OF INVENTORY
a. Absorption Rate / Months of Inventory: An estimate of how fast listings are currently selling measured in months. For example, if 100 properties sell per month and there are 800 properties for sale - there is an 8 month supply of inventory before counting the additional properties that will come on the market.