Lower Makefield Township real estate year in review

I posted the other day, a wonderful chart that tracked the rise of fall of real estate values, in a number of markets in Bucks County.

Today, I am going to start to review 2009, community by community. We will start by reviewing 2009 results in Lower Makefield Township.

First, prices in Lower Makefield Township, delcined in 2009, by 6.7%. Please see the table that details pricing in Lower Makefield, starting from a base year of 2000. The price of an average house in Lower Makefield Township was 288,000 in 2000, and was 462,000, as of the end of 2009.

We ended the year with an inventory of 174 homes, which happened to be exactly the same as what the inventory was, at the end of 2008. There were 196 homes for sale, as of the end of November of 2009, so inventory dropped a bit in December, but remained exactly the same as a year ago.

How about pricing? The average price of a home for sale in Lower Makefield Township, at the end of 2009, was 501,000. This compared with 562,000, at the end of 2008. This represents a drop of 10.9%.

Unit sales for 2009 were 255, and those homes sold for 91% of the asking price. This compared with unit sales of 251 for 2008, and in 2008, those homes sold at 94% of the asking price.

Currently in Lower Makefield, there is an 8+ month supply of homes on the market. The average days on the market is now 84, compared with 67 last year. We consider a market to be balanced, when there is a 6 month supply, so you can see that conditions are favorable for buyers. I am sure that this does not surprise anyone.

All of these statistics are based on all house types, including townhomes, but do not include condominiums.

In future posts, I will examine the year for other communities, including Newtown, Upper Makefield, New Hope and Buckingham.

As always, it is critically important to price your house well, if you want to sell.

Please let me know if you have any thoughts or comments.

This entry was posted on Sunday, January 24th, 2010 at 6:09 am and is filed under Lower Makefield Township, Market Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.