Marty Millner
Yardley, Lower Makefield Township Real Estate update.
Time to take a look at our market statistical update, for Lower Makefield Township & Yardley, in Bucks County.
These are statistics that are taken directly from MLS data, and provide a detailed look at the market, through the end of May, 2010.
This provides us with an interesting perspective, because it gives us some hint, as to what is happening, following the expiration of the tax credit, which ended April 30th, 2010.
Here is what things look like in Lower Makefield Township:
- Inventory of homes for sale in May 2010, was 223
Inventory of homes for sale in Apri 2010, was 236
Inventory of homes for sale in May 2009, was 247
Unit Inventory is down 9.7% when comparing what was on the market at the end of May this year, with what was on the market at the end of May, last year.
Inventory dropped by 13 homes, (5.5%) from the end of April of 2010, to the end of May 2010.
- The average price of a home for sale at the end of May 2010 was $510,000.
The average price of a home for sale at the end of May 2009 was $536,000.
List price of homes in inventory fell by 4.9%.
- 106 homes closed this year, through May, at 93% of asking price.
66 homes closed through the end of May, 2009 at 90% of asking price.
This represents a very large unit increase in sales, of more than 60% from last years pace. Buyers are achieving about a 7% discount from the asking price.
What does it all mean to buyers and sellers. No big surprise, in my opinion, that factors still favor buyers. There is still an inventory of more that 9 months. We consider a market balanced, when there is a 6 month supply of inventory. Buyers still have lots of choices, but it appears as though sellers are gradually becomming more realistic with their asking prices.
We are also fortunate, that our market is not being dominated by distressed property sales, although there are more of those, in every neighborhood, than I ever remember. Bottom line is that for sellers who are serious about selling, price your house properly, given current market conditions, and it will sell. For buyers, there are many choices, and with interest rates still hovering at or near all time lows, it is a great time to buy.
I have a wonderful marketing update report that is available by email, that will provide very detailed information about recent sales activity in any neighborhood in our general area. It will show you what has sold, was is active, and how long homes have been on the market. If you are interested in receiving the report, just send me an emai and you will receive the report automatically, every month.
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