Marty Millner
Upper Makefield Township, Bucks County, 2009 real estate year in review
On my last post, I took a detailed look at what happend in 2009 in Lower Makefield Township real estate market.
Today, we are going to check out the results from 2009, in Upper Makefield Township real estate market.
Here is what the real estate market looked like, as we finished 2009, in Upper Makefield Township.
Inventory in Upper Makefield Township
There were 101 homes for sale, as of the end of 2009, in Upper Makefield. This compared with an inventory of 134, as of the end of 2008. There were 113 homes for sale, at the end of November, 2009. This represents a decline in inventory of 24.6%, from the end of last year. Normally, that is a good sign for sellers.
Pricing Trends in Upper Makefield
The average price of a home for sale in Upper Makefield, at the end of 2009, was 1.43 million. At the end of 2008, the average price of a home for sale, was 1.59 million. This represents a decline of 9.8% in list pricing.
There were 72 homes that sold in 2009, and they sold at an average of 88% of the asking price. 71 homes sold in 2008, and they sold at an average of 91% of the asking price.
Summary;
Inventory levels are down and unit sales are modestly, up. Probably the most telling statistic is that at the current sales pace, there is a 16.8 momnth supply of homes in inventory. We consider a balanced market when there is approximately a 6 month supply. You can clearly see that there is a strong, buyers market in Upper Makefield Township, at the current time.
Average days on the market for all price levels, is 111 days. For homes priced between 1-3 million, the average days on market are considerably longer, and the supply is measured in years! 82% of the 72 homes that sold this year, were priced below 1 million! 55% of the current inventory, is priced above 1 million. Specifically, based on the current rate of sales for homes over a million, there is a 4.3 year supply! 13 homes sold over 1 million in 2009, which represents 1.08 per month.
It is particularly telling that the average sale price in 2009, was 762,000 yet the average price for the current inventory, is 1.43 million!
It is evident that there is a lot of competition in Upper Makefield, especially at the higher price levels. It is critically important, that you price your house correctly, if you intend to sell.
As always, I welcome your thoughts and comments on any of this information. I will review additional communities, in future posts.
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