Last Thursday Ginny Wolkoff provided a very enlightening update on Real Estate in the Lehigh Valley - "This is not a bubble and we are not headed for a crash!"
Key issues in the LV are very high demand with very low supply. Imagine being one of the 2,000 active realtors in the LV with 465 houses for sale - at all sales levels! A key reason is 'we folks in the Valley' are happy to be here and enjoy being stable and we don't move. Employers are hiring at all levels in a broad diversity of fields. New construction shortage - mostly homes starting at $350K+! Virtually nothing for first time buyers. Puts tremendous pressure on availability of rentals with what there is at very high rental rates. Situation not much different in many areas of the country. Interesting tidbit - no new malls have been built in the country since 2008.
Question to ponder - "where is the economic incentive to build affordable housing?"
Ginny sent out the latest LVAR - Lehigh Valley Association of Realtors - monthly report. Makes for some very interesting reading. She will forward the LVAR Annual Report for 2021 when available.
Thank you Ginny!
