I’m here with your market update to let you know whats happening all over Bucks County. Although we might get some more snow, spring is here. In real estate, the spring market actually starts right after the Super Bowl.
So, what’s happening in our market right now?
In Bucks County, there is a tremendous lack of housing available on the market.Other than the really high-end, expensive market, this is true all over Bucks County. In virtually every market that we track, buyers are complaining because there is not much to look at.
As a whole, there are 15.3% fewer homes on the market in Bucks County than there were at the same time last year. At the end of February, there were only 2,495 houses on the market, which really reflects the shortage of inventory we are experiencing.
The average asking price is up 5.6% from the same time last year, and we almost had 5% appreciation year over year. That is the single largest increase in price for all of 2017, and it’s the highest we’ve seen since 2004 and 2005, so prices are going up.
As of the end of February, the number of homes closed is down 9% and the average sold price is up 1.2% from the same time last year.
If we look at the housing inventory as an indicator of market dynamics, do those dynamics favor buyers or sellers? If a market has less than six months of inventory, it typically favors sellers. A market with six months of inventory is considered a balanced market. During the market decline, we saw 10, 12, and even 14 months of inventory because homes just weren’t selling.
In Lower Makefield, there are only 3.8 months of inventory. In Newtown, there are 2.4 months of inventory. Those markets definitely favor sellers.
The numbers are a little skewed for Upper Makefield because there are more expensive homes that take longer to sell. There are 7.4 months of inventory in Upper Makefield.
In the Falls Township, there are only 1.8 months of inventory.
As a result, now is a great time to sell your home. You can put your home on the market now and beat the spring rush. Buyers are really complaining that there aren’t enough options for them, so there will be plenty of demand for your home.
If you are a buyer, keep an eye out for my next video, where I’ll go over what you can do to best position yourself to win in a multiple offer situation.
If you have any other questions, just give me a call or send me an email. I would be happy to help you!