The latest numbers are in for Bucks County real estate. Here’s what they mean for you.
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I’m excited to share some of the latest statistics from the Bucks County real estate market. These numbers are based on what happened through the end of October. We track about 20 different individual markets throughout the county, but seeing the numbers in Bucks County as a whole is the best way to find out what’s actually going on.
We’re continuing to see low inventory. Lower than we’ve seen in years. At the same time, homes are still selling quickly. Our absorption rate is down from 6.2 months at this time last year to 5.2 months currently.
There are 13% fewer homes on the market now than there were last year. That means we currently have 3,189 homes on the market. This rise in demand has coincided with a rise in appreciation. The 5% appreciation we’ve seen in the past year is the most significant rise we’ve seen in any year since the market downturn in 2008 and 2009.
The continued market activity is driving demand and putting us in this seller’s market where homes are selling, on average, eight days faster than they did last year.
We’re continuing to see a strong market here in Bucks County. The average asking price discount of 4% is the lowest I’ve seen in quite some time. We’re also still seeing multiple offer situations from time to time. Certain homes can still sell for over asking price.
Once we get through the end of the year, we’ll have some more specific market data for you. Until then, give me a call or send me an email if you have any questions about your specific market and I’ll be able to get right back to you. I look forward to hearing from you soon.