We are right into the thick of summer here in Bucks County and it is time for a quick market update on all the latest that has been going on in real estate. Here is what we have been seeing in the last month.
The big takeaway is still consistent with what we have seen all year. We are in a strong seller’s market, with low inventory, quick sales, and steadily increasing home prices. Inventory was actually down 11% through May compared to what we saw at the end of May in 2017.
A few more interesting stats to note include the average asking price being up 5% from last year and the average sold price in Bucks County being almost 6% higher than it was at this time last year.
One final interesting thing to note is that closed home sales are down from last year. With fewer homes on the market, that is to be expected. The impact that will have as we move forward through the rest of the year remains to be seen.
If you have been thinking about selling your home, now is a perfect time to do so. Homes are selling quickly and multiple offers are not uncommon. I have not seen a market this competitive in over a decade. We recently sold a home that had nearly a dozen offers!
If you are thinking of selling or you just have any questions about the current state of the market, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.