A detailed look at the Real Estate market in Yardley, Newtown, and all of Bucks County

July 16th, 2010 by Marty Millner
Categories: Buckingham, Doylestown Boro, Lower Makefield Township, Market Statistics, New Hope Boro, Newtown Boro, Newtown Township, Northampton Township, Solebury Township, Upper Makefield Township, Yardley Boro
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It’s time to take a detailed look at how the real estate market is performing, in Yardley, Newtown, and all other Bucks County areas, that I cover.
It is interesting to look at the Bucks County real estate update, and realize that we now have information for the first half of 2010.

Some observations, Bucks County wide real estate, first.

Through June, sold/closed units is positive, compared with last year, in 7 of 8 of our principal markets, as well as for all of Bucks County.
County wide the increase was 22.9%
Real estate prices were actually up by 5.2%, through the first half of the year, for the entire County. Refer to the chart, to see how each municipality did.
For all of Bucks County, the pricing momentum actually declined from May. It went from a 6.8% increase in May to June’s 5.2%
The best forward looking indicator we have, is pending sales. Probably due to the expiring tax credit this June, pending sales for Bucks County, was down 32%, compared with June of last year. Surprisingly, it was 4 % higher than at the end of May.
Inventory of homes, is higher now, than it was at the end of May, County wide. However, compared with June, last year, inventory levels are down, County wide.
Bucks County wide, there remains a 10.5 month supply of homes on the market, which is better than it was last year, at the same time, but still indicating a strong, buyers market.
Average days on the market, remains higher in most markets, than last year.
Average list price of homes in inventory, at the end of June, for the County, was down just slightly from last year. (-0.8%)
Discounts off of the asking price, are actually showing an improving trend. Overall, buyers are achieving approximately a 7% discount from the opening list price of the current listing contract.

Each of the real estate markets that I cover, performs differently. Lets look at real estate in Lower Makefield & Yardley, for now. I will review Upper Makefield Township, Newtown, Northampton, and others, in furture posts.

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Lower Makefield Township, Yardley real estate observations.

Inventory of homes for sale in June 2010 was 238
Inventory of homes for sale in May 2010 was 223
Inventory of homes for sale in June, 2009 was 253.
Average price of a home for sale in June 2010 was $514,000.
Average price of a home for sale in June 2009 was $526,000.
163 Homes sold through June of 2010, at 93% of the asking price.
97 Homes sold through June of 2009, at 91% of the asking price.

There remains an 8.9 month supply of homes on the market, in Lower Makefield Township. Since we consider a balanced market to exist, when there is about a 6 month supply of houses, conditions still favor buyers.

Average days on the market are now 79 compared with 70 last year at this time. Competition remains a challenge to sellers. Now, more than ever, it is critical to price homes correctly and market aggressively, if you are to sell.

As always, I welcome your thoughts and comments, and I will post additional details on other communities, in future posts.

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This entry was posted on Friday, July 16th, 2010 at 9:21 am and is filed under Buckingham, Doylestown Boro, Lower Makefield Township, Market Statistics, New Hope Boro, Newtown Boro, Newtown Township, Northampton Township, Solebury Township, Upper Makefield Township, Yardley Boro. 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.