With the spring market in full swing, I thought now would be a good time to give you a quick look at how our market changed in 2016.
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The Super Bowl is over and the spring real estate market is in full swing! I thought now would be a good time to give you a recap of our numbers from 2016 and talk a little bit about what’s happening in 2017.
Throughout Bucks County, almost all of the 20 individual markets we track had fewer houses on the market at the end of 2016 when compared with 2015. Countywide, inventory was down about 18% and market asking price was up 8%. Closings were up about 5% throughout the county, but the average sold price in Bucks County was only 0.3% higher than in 2015.
The average price of a single-family house went from $341,000 to $343,000 in all of Bucks County. Interestingly in the individual markets, specifically Lower Makefield Township, there were more houses on the market at the end of 2016 than there were at the end of 2015. However, there are only 5.2 months of inventory, so the market is still balanced with a slight favor toward sellers.
In Newtown Township, inventory is down about 5% compared to 2015 and months of inventory is at three months, which strongly favors sellers.
In Upper Makefield, inventory is at 10 months, but that is skewed because of the high number of really expensive houses that take much longer to sell.
In all the markets that we track, the average price of a home sold was relatively flat. The lack of inventory so far has not really resulted in sharply increased prices.
If you are considering selling your home, give me a call or send me an email and we can talk about getting your home listed earlier in the spring market. Let me know if you have any other questions as well. I look forward to hearing from you!