Real Estate market trends, Bucks County, Pa.

February 16th, 2010 by Marty Millner
Categories: Market Statistics, Uncategorized
Comments: Please leave a comment.

Bucks County real estate market update, January 2010.

People ask me all the time, how is the real estate market, in Yardley, Newtown and all over the Bucks County area.

For those who know me, you know that I do take the time to do very comprehensive statistical reviews. With that in mind, I wanted to spend a few minutes, reviewing a few market statistics, from January.

Obviously it is too early to develop any meaningful trends for the entire year, but we can compare where we stand as of the end of January 2010, with prior years.

Here are a few points, that generally apply to the entire Bucks County area:

For the month of January 2010, volume of sold units, was positive in most markets, county wide.
Total Bucks County January average sold prices were actually up 7%, over a year ago.
Total unit volume for January was 14% higher than a year ago.
Inventory was also up sequentially from December 2009, County wide, and some areas were up and some down, from a year ago.
In virtually every market that I track, throughout Bucks County, months of inventory still suggest a buyers market. We consider a balanced market to exist when there is approximately 6 months of inventory. Less, indicates sellers markets, more means conditions favorable to buyers. Bucks County wide, there is a 9.3 month supply of inventory.
Lower Makefield has a 9 month supply of homes, as of the end of January.
Pending sales was stronger in most parts of the County, at the end of January.
Average list prices of homes in inventory as of January 2010, in all of Bucks County, was down somewhat, from last year. Shifting inventory pricing trends, generally correlate to improving unit sales volumes.
Sold/List ratios in most markets, continue to show that overall, buyers are achieving approximately 9% off the original asking price.

Lower Makefield Township Results

Inventory of homes for sale in January 2010 was 188
Inventory of homes for sale in December 2009 was 174
Inventory of homes for sale in January 2009 was 170.
Unit inventory up 10.6% year over year, and up 14 homes sequentially from December 2009
Average price of a home for sale in January 2010 was $492,000.
Average price of a home for sale in January 2009 was $558,000.
List price in inventory was down 11.8%
14 homes sold in January 2009 at 90% of list price.
15 homes sold in January 2010 at 91% of list price.
Units sales volume up 7.1% year over year, contrasted with full year 2009 unit sales volume which was up 1.6%.
Inventory is currently at 8.8 months, which indicates that the buyers market continues.
Average days on the market is now 86 versus 68 last year.

I have all sorts of graphs and charts, that will show a statistical overview of every market I cover. I will report on those areas, like Newtown, Upper Makefield Township, Newtown and Newtown Township, in future posts. If you would like to see any of the charts or graphs, for a specific area, please let me know.

What does all of this mean for buyers and sellers? Basically, market dynamics continue to favor buyers. Sellers, as always, need to be realistic, if they intend to sell. Still uncertain, as to what will happen when the tax credit expires, at the end of April.

This entry was posted on Tuesday, February 16th, 2010 at 12:08 pm and is filed under Market Statistics, Uncategorized. 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.