Bucks County Market trend updates August 2010
I hope that you had a chance to watch the last video post, that explained what is happening to the real estate market, for all of Bucks County.
Today, I am going to start my monthly look at the various community markets that I track.
Here is a look at the real estate market in Yardley/Lower Makefield Township, through the end of August, 2010.
Inventory of homes on the market in Yardley/Lower Makefield Township.
- August 2010 222
- August 2009 221
- July 2010 221
Inventory levels virtually unchanged from the previous month, as well as compared with the same time last year.
Pricing:
- Average price of home in inventory at the end of August, 2010 $528,000
- Average price of home in inventory at the end of August 2009 $513,000
Asking price has increased this year, by 2.9%
Sales Volume in Yardley/Lower Makefield Township
- Homes sold as of end of August, 2010 226
- Homes sold as of end of August, 2009 167
Unit sales volume is up by 35.3% from a year ago.
Buyers are achieving approximately 7% average discount from the asking price in 2010.
This contrasts with the average discount in 2009 of 9%.
Month to month sales volume in Yardley/Lower Makefield Township
- Homes sold in August of 2010 38
- Homes sold in August of 2009 36
We saw a big drop in unit sales for July this year, compared with July of last year. This was undoudtably due to the expiring tax credit. The pace of sales in August, was about the same as last year.
Final observations:
It seems as thought the real estate market in Yardley/Lower Makefield Township, is holding up reasonably well. We currently have an 8.5 month of inventory, based on current sales pace. We consider a market to be balanced when there is a 6 month supply. Based on that, and considering the discount that buyers are still obtaining, obviously the market dynamics are still very much in favor of buyers. We consider a market to be balanced when there is a 6 month supply of homes on the market. Sellers, as always, need to be aware of market conditions, and price their home accordingly. It is also important to market home aggressively.
With interest rates remaining at historic low levels, and with ample inventory, buyers have a lot to see and choose from.
I welcome any questions or observations you may have.
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