Lehigh Valley, PA

Once again it is time to find out how the real estate market endured during the previous month.

Comparing the activity from September, 2008 to October, 2008, sales and prices once again declined. During October, 2008, 413 sales were reported from 445 in September of 2008. That was a drop of 7.2%.

The average price of a home dropped by 4.1%. In September, 2008, the average price of a home was $221,000 as compared to October, 2008, of the average being $212,000.

The average time on the market for properties to be sold was 71 days, up from 67 days in September, 2008.

Here is a chart of the October Sales Distribution:

Sale Price Number of Sales

under $70,000 28
$70,001 - $100,000 31
$100,001 - $150,000 81
$150,001 - $200,000 98
$200,001 - $250,000 67
$250,001 - $300,000 35
$300,001 - $350,000 28
$350,001 - $400,000 14
$400,001 - $450,000 9
$450,001 - $500,000 6
$500,001 and above 16

Right now it looks like it is still a buyer's market with declining sales of homes.

Here's some great news!! (I think we can use some at this point.) The family owned grocery store chain, Wegmans, based is NY, is cutting back prices on many of their groceries.

Wegmans is anticipating price cuts in their products in the near future and, therefore, is cutting prices on chicken, beef roasts, canned goods and hundreds of other household staples.

Here are a few examples of the price changes:

Whole Roasting Chicken:
Old Price: $1.29/lb.
New Price: $.79/lb

Wegmans Country Sliced Packaged Bread:
Old Price: $2.69/loaf
New Price: $1.99/loaf

Apples, 3 lb. bag:
Old Price: $3.49
New Price: $2.99

Chuck Roast (2 roast club pack):
Old Price: $3.49/lb.
New Price: $$2.49/lb.

Wegmans Canned Vegetable:
Old Price: $.49/can
New Price: $.39/can

Wegmans is well known for their gourmet foods and groceries (such as their sushi). With many companies cutting back on jobs and employee hours due to the economy, the owners of Wegmans wanted to stay competitive with other grocery chains (Wal-Mart for one) and pass along savings to the consumers, catering to the cost-conscious shoppers.

This will be a great help to many families that are on a tight budget now. This is good business for the stores and great for the shoppers.

A study is currently underway to possibly connect the Lehigh Valley to the NJ Transit with a rail system. Currently, there is no rail transportation from the area to NYC. The only public transportation in place for communters is a bus system.

With the high costs of fuel, many commuters are looking for public transportation to get to work. The park-and-ride lots are overcrowded. People end up parking on the grass and the edge of the road. Another type of public transportation to NYC is definitely needed.

A rail system would ease the overcrowded highways into the city and lessen the stress of the commute. The trip would also take less time with a rail system.

A rail system was considered years ago, but was rejected because there would not be enough commuters to make it worthwhile. With the population in the Lehigh Valley growing, signs seem to indicate that there is definitely a need for a rail system.

It's the beginning of September and the real estate market stats are in for August, 2008. I'll give you a quick overview for the Lehigh Valley and I won't bore you too much with it.

According to the statistics, the average price of homes, new and existing, dropped slightly in August, down about 3.4% from July. The number of sales also decreased from July's statistics, by .8%.

The average number of days on the market increased to 68 days.

What this means, is that it is still good news for buyers. The homes are still affordable and plenty of inventory to choose from.

To all you home buyers, get out there are buy your home while the prices are low. There is still plenty of inventory to choose from.

Now that wasn't too boring. Was it? It was quick and simple information.

HAPPY HOUSE HUNTING!!

This weekend, the Lehigh Valley wineries are holding a "Drink in the Pink" weekend. This weekend, visitors to the Lehigh Valley Wine Trail can help cancer victims.

Just purchase a blush or rose wine from any one of the wineries, from 10AM to 5PM on Saturday, and noon to 5PM on Sunday, and $1 will be donated to the Pennsylvania Breast Cancer Coalition. In addition, the wineries will match the dollar totals they raise from the customers and double the total the coalition will receive.

In 2006, a similar event was held and raised over $2000 for the coalition.

Special souvenir wine glasses will be offered for sale with the Wine Trail logo on 1 side and the individual wineries logo on the other for $1 per glass.

Plus, some of the wineries will be offering some assorted nibbles to accompany the wines.

For more information about the nine trail wineries, see http://www.lehighvalleywinetrail.com

Remember, this is your opportunity to purchase your favorite blush or rose wine and help the Pennsylvania Breast Cancer Coalition at the same time.