Don’t know where the year went.

For me, it was a productive and successful real estate year.  For that,  I am totally grateful and thankful for the buyers and sellers who trusted me to handle their real estate transactions, and I am also extremely thankful and appreciative of the colleagues, friends and clients who referred real estate business to me.  I work really hard at what I do, and feel truly blessed to have so many people allow me to be a part of their lives during the real estate process, and beyond.

My personal outlook for real estate in the Yardley and Newtown area, and for all of Bucks County, is cautiously optimistic.  I have written previously about the fact that we have a lot less distressed property sales in Yardley and Newtown,  and in most of Bucks County, than in many other parts of the country.  There is clear evidence right now that prices for non-distressed homes are holding very steady.

While I don’t envision a sudden shift in the market, I do think that we will see, in 2012, in Bucks County, a market that becomes more balanced than it has been.  I think that sellers who are realistic about pricing will not have difficulty selling in 2012.  I think that there will continue to be excellent value in the market for buyers of homes in Yardley and Newtown in 2012, but I also think that buyers need to be realistic about our market, as well.  What I mean by that is that I know that there are buyers who feel as though they can make virtually any offer they want, and often expect that sellers will take anything.  Remember, the average discount from original asking price in Bucks County is about 8%.

More sellers are becoming more realistic about the market, and I think that will continue in 2012.  If sellers price homes realistically, given the current market conditions, then it will take a much shorter period of time to sell, and it will reduce opportunities for low ball offers, as well.

I have been able to enjoy a bit of down time over the holidays, which I always appreciate.  I have gotten in some basketball, which I do all year long.  We have seen a number of movies, including, “The Girl With the Dragon Tattoo,”  “We Bought a Zoo,” and “Young Adult.”  I loved “The Girl With the Dragon Tattoo,” although I thought the books were better because they went deeper than is possible with a movie.  We also totally loved, “We Bought a Zoo.”

Also had a chance to get into New York to see a show and have dinner.  We saw Priscilla, Queen of the Desert, which was wonderful.  Amazing costumes, great acting and music.  I love being so close to both Philadelphia and New York.  It is one of the great aspects of living in Yardley.

Finally, I wanted to wish you all a very happy, healthy and prosperous new year!  Enjoy New Year’s Eve celebrations, but stay safe, and I will see you in 2012!

Hard to believe that we are just a week away from Christmas!

From a Yardley real estate perspective, we are now 11 months into data for 2011. Let’s see where we are, both with Yardley real estate and Bucks County real estate.

Bucks County real estate

Units Sold: Looking at numbers for all of Bucks County, the number of units sold this year is about 4% lower than a year ago at this time. For those who suggest that no real estate sells in Bucks County, although the number of houses sold is a bit lower, there have been 4,052 homes that have closed through November this year!

Pricing: The average price of a home for sale in Bucks County is down by 5.5% from last year at the same time.

Pending Sales: This is the best forward indicator of real estate activity, and the number of pending sales has trended up for several months.

Inventory: This is also an extremely important metric, when considering Bucks County real estate market conditions. The number of houses for sale in Bucks County is 7% less this month than last month, and more than 11% lower than it was at the same time last year! This still represents more than 11 months of inventory in Bucks County. We consider a market to be balanced when there is about a six month inventory, so you can see that factors are still favoring buyers. It is important to note, that the average days on market has also increased this year, from 88 to 101.

Observations for Bucks County real estate market

My observation from all of these statistics is that the market, while still favoring buyers, has stabilized a bit in Bucks County. I posted an article the other day comparing distressed and non-distressed real estate sales. In the article, I pointed out that both locally and nationally, prices of non-distressed properties appear to have stabilized. In looking at Bucks County real estate, it is important to note that we have far fewer distressed property sales than in many other parts of the country. Houses can and will sell, if they are priced correctly, marketed properly, and if appropriate steps are taken to ensure that they show as well as possible.

Yardley Real Estate Information

As I have pointed out many times in the past, real estate markets are very local, often varying from neighborhood to neighborhood. Let’s look at what is happening in the Yardley and Lower Makefield Township real estate market.

Inventory

• Inventory of homes Nov 2011 204
• Inventory of homes Oct 2011 226
• Inventory of homes Nov 2010 194

Although inventory is a bit less this month, compared with last month, it is higher by almost 10% from the same time last year. This is a bit of a contrast to the County as a whole.

Pricing

• Average price of a home for sale Nov 2011 489,000
• Average price of a home for sale Nov 2010 499,000

Asking price of a house for sale in Yardley/Lower Makefield Township is about 2% lower this year.

Units sold

• 261 homes sold through November this year
• 291 homes sold at the same time last year

It is also interesting to note that homes selling this year sold at an average of 92% of the list price, while they sold at an average of 93% of list price last year. Please note that when comparing the sold price to list price, we use the original asking price, where the price is reduced.

There is currently about a nine month inventory of homes for sale in Yardley. This is actually a bit better than for all of Bucks County.

Observations

There is no question that, looking at all of this information, it is still a buyers market. However, whether you are a buyer, seller, or just curious about real estate in Bucks County, or Yardley, houses are selling. Interest rates are at historic lows. Despite public perception, buyers are getting mortgages, and real estate is selling. If you are a potential seller, it is critical that you be realistic about pricing. It has never been more important to make sure that your house shows as well as it possibly can, and that it is marketed properly and thoroughly. I have a real sense that, especially for non-distressed homes, the market is a bit more stable right now, than it has been in quite a while.

If you think wiping down counters and fluffing a few pillows in advance of the guest onslaught will land you on Santa’s “nice” list this holiday season, maybe you should check that to-do list twice. You

Scrub your entryway. Wipe down your front door, give the doormat a good shake, and make sure dust and dirt haven’t collected on floors and furniture legs. These are the first things guests will see when they arrive, so keeping them clean will guarantee a good first impression.

Focus on the kitchen. People tend to gather around the food during the holidays, so make sure your kitchen looks and smells nice. Don’t forget to dust the light fixtures and flush sink drains with boiling water.

Whatever you do, don’t neglect the loo. Don’t just wipe surfaces; break out the stiff-bristled brush and scouring powder to really scrub things clean.

Sniff out bad smells. If you clean your home and something still doesn’t smell quite right, brew some coffee. The aroma will cover it up.

Give your garbage disposal some love, considering how much it will “consume” this season. To cut down on odors, chop up a whole lemon — rind and all — and let the disposal gobble it up. Throw in ice cubes to sharpen the blades.

Make sure you can see the guests coming. Keep windows clean and streak-free on the cheap with an easy mixture of vinegar and water in a spray bottle. Wipe down windows with a reusable microfiber cloth.

With all your holiday cooking, stove tops and ovens are bound to get dirty. Baking soda and water make a simple scouring solution that can scrub off that baked-on gunk.

What are your tips for keeping your Yardley home guest-ready during the holiday season? Leave your comments below!

I Wanted to provide a detailed look at the Bucks County real estate market, in general, and some specifics for local markets that I cover. These statistics are taken directly from Coldwell Banker Hearthside Realtors market research derived from Trend MLS data.

Average For all of Bucks County,

note the following for units that have sold as of the end of July, 2010

2009                                  2010

2554                                  2845                +11.4%

Houses in Inventory for Bucks County as of end of July, 2010

4593                                  4634                  Up less than 1%

Average price of a house in inventory for Bucks County:

$495,000                           487,000            -1.7%

Average sold price:

$329,000                            342,000             +3.9%

Countywide discount from the asking price is 8%

For the entire County, the average days on the market for a home, is 86.

   
It is interesting to note, the huge difference between the average price of a home in inventory, and the average price of a house that actually sells.  Currently in Bucks County, the difference is 487,000, which is the average price of a home in inventory, compared with 342,000 which is the average price of a house that has sold.

The reason for this, and it is true within individual communities, is that the houses that are the most expensive in any area, skew the average price of homes on the market, and are typically the most difficult to sell.  

We see examples of this in individual municipalities as well.

Lets look at real estate specifics for Lower Makefield Township and Yardley, for now.  Keep in mind the Bucks County wide statistics, as we look at individual markets.  In future posts, I will review  statistics from Newtown, Upper Makefield and other areas in which I work.

Inventory of Homes in Yardley/Lower Makefield

July 2010             223
June 2010           238
July 2009            251.

Number of homes in inventory, is down 11.2% from the previous year, and down 6.3% from June, 2010.

Average Pricing in Yardley/Lower Makefield for homes on the market.

Average price of a home for sale in July, 2010 was $520,000.
Average price of a home for sale in July 2009 was $522,000.

Asking price of homes in inventory is flat, down just 0,2% from last year.

Average Pricing in Yardley/Lower Makefield for homes sold

Average price of a house that has actually sold in Yardley/Lower Makefield Township is 414,000, as of the end of July, 2010.

The average price of a house that sold last year, was 462,000.

This is an interesting observation.  The average price of a house for sale in Lower Makefield Township and Yardley, is 520,000, but the average price of what actually sells, is 414,000.  This represents a large difference, and I believe what we are seeing is that the more expensive homes on the market, skew the average price of inventory, and since they don’t sell as often, they don’t have the same affect on the average price of what sells.

Unit Sales of homes in Yardley/Lower Makefield Township.

131 homes sold through the end of July, 2009 at 91% of the asking price.
188 homes sold through the end of July, 2010 at 93% of the asking price.

This represents a very impressive increase in unit sales volume of 43.5% over the previous year to date.  In 2009, sales volume increased by 1.6% overe the previous year.

Please note that buyers are still achieving an average of 7% off of the asking price.

Summary

So what does all of this mean for buyers and sellers as well as home owners, in Yardley and Lower Makefield Township?  Since there is still an 8.6 month inventory of homes on the market, and since buyers are still seeing pretty significant discounts from the asking prices, it is clear that factors still favor buyers in the Yardley, Lower Makefield Township area.  In addition, average days on the market are up slightly, from 73 days last year, to 78 this year.  Competition remains challenging.  Be sure to check out the graphs and charts, that show what all of these numbers mean.  The table that shows yearly appreciation is particularly intersting.

All things considered, the real estate market in Yardley , and Lower Makefield , continues to perform better than in many other parts of the country.  As I mentioned, in future posts, I will look at the real estate market in Newtown, and Upper Makefield, as well as in other parts of Bucks County.

I always welcome your thoughts, comments and questions.  You can reach me at 215-510-1399.

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.[issuu viewmode=presentation layout=http%3A%2F%2Fskin.issuu.com%2Fv%2Flight%2Flayout.xml showflipbtn=true documentid=100716154203-21c2dbbf18274151a0d0d7f568940ff8 docname=lmt_sold_units_-_avg_price_chart-1- username=sbgifford loadinginfotext=LMT_SOLD_UNITS_%26_AVG_PRICE_CHART(1) showhtmllink=true width=400 height=188 unit=px]

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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Lets see where things stand, from a real estate perspective, after the first third of the year, for Bucks County.  We will also review the Lower Makefield Township/Yardley area in this post.

• For most of the markets in Bucks County, (12 of 18 markets I track) volume of sold units was positive compared with last year, at this time.
• The county-wide growth rate increased by 21%, which is pretty impressive.
• Pricing was positive in most of the principal markets we monitor regularly, and there was positive appreciation for Bucks County.  In fact, average sold pricing for the entire county, was up by 7.1%.
• Total unit sales in Bucks County through April, was 21% higher than last year.
• Probably the best forwarding looking indicator we have in real estate is the pending sale.  Those are homes where the seller has accepted an offer, but that have not yet gone to closing.
• Most of our markets, as well as for Bucks County as a whole, saw higher levels of pending sales, than last year at the same time.  Bucks County wide, shows a very strong increase of pending sales of 43.5%, over last year at the same time.  In some of our markets the pending sale increase is huge, when compared with last year.  For exampley, Buckingham Township is up by 113$, Upper Makefield is 100% higher, Lower Makefield is up 70%, Northampton is up 69%, Solebury is up by 63%, and Doylestown is up by 25%.  These are actually impressive numbers.
• Inventory levels are higher than they were at the end of March, whish is to be expected, in most markets.  However, when compared with the end of April, last year, inventory levels are down County-wide, and in most markets.  With somewhat improving inventory levels, the number of months of inventory,  has declined.  Most markets are still above 6 months, which means conditions still favor buyers, but the trend has shown improvement.
• Average list pricing is down a bit, from last year.
• Sold/list ratios in most markets, have shown some improvement.  We need to keep our eye on this statistic as we go through the spring market.

Lower Makefield Township Real Estate update

Here are some observations, through the end of April, for real estate, in Lower Makefield Township, and Yardley.

• Iventory of homes for sale at the end of April, 2010 was 236
• Inventory of homes for sale at the end of March, 2010 was 220.
• Inventory of homes for sale at the end of April, 2009 was 231.
• Unit inventory was up slightly, from last year, in Lower Makefield, and up by 7% from March.
• Average price of a home for sale at the end of April, 2010 was $500,000.
• Average price of a home for sale at the end of April, 2009 was $543,000.
• List price was down by 8%.
• 77  houses closed through the end of April, 2010.
• 48 houses closed through the end of April, 2009.
• This was a really impressive increase of 60.4% from last year.   Unit sales for 2009, were up by 1.6% oover the previous year.
• Buyers are still achieving approximately 8% off the original asking price.

Charts
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Summary

For your reference, there was 6.5% unit growth in 2007, 33.5% decline in 2008, and an increase in 2009 of 1.6%.  So far, 2010, has shown an increase of more than 60%.  Lets see how the rest of the year plays out. 

Inventory is still at 10 months.  Inventory is said to be balanced, when it is 6 months, so conditions in Lower Makefield, still favor the buyers.

Thus far, sale pricing is down by 2.4%.  Please refer to the pricing appreciation chart, to see how things have changed in many parts of Bucks County, and in Lower Makefield Township, in particular. 

Average days on the market, is actually higher this year, than last.  I suspect that this is because there are still many overpriced homes on the market.  I have been involved in many recent transactions, where homes have sold extremely quickly.  It is more important than ever, to price a home correctly. 

Please feel free to contact me with any questions about any of the charts or statistics.

I will review additional specific markets, in upcoming posts.

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Every parent knows how quickly children develop and move on to new toys. Every parent also knows that the older toys develop into clutter and new toys are costly. This is where The Great Toy Exchange can help. The Great Toy Exchange is a way for parents to exchange their children’s toys that are no longer age appropriate or played with by their child for other toys that are age appropriate and will interest their child. The Great Toy Exchange will help you reduce clutter, save money and provide your child with new and different experiences to help with their development and interests.

How – Simply bring your clean, unbroken and generally good conditioned toys to The Great Toy Exchange. Place them in the area of estimated value. Then review the other toys at The Exchange and select toys that are of the approximate value to what you contributed. Parents will be using the honor system and The Great Toy Exchange is free a program open to the community; so please always apply the golden rule.

Specifics – The Great Toy Exchange will only accept clean, unbroken, reasonably used toys that have not been subject to any recalls. Stuffed toys will not be accepted. Toys with fabric might not be accepted. Toys that are dropped off and have not been chosen can be picked up at 10 am at The Great Toy Exchange during the day of the exchange. Any toys remaining after 10 am on the day of the exchange will be donated to charity. Neither The Great Toy Exchange nor Superior Woodcraft, Inc. provide any claims, warranties, or guaranties concerning the quality or safety of the toys that are part of the exchange. Parents should contact the toy manufacturer directly concerning any quality, safety or other concerns pertaining to a toy. The Great Toy Exchange is a non-profit community service program provided & administered by Superior Woodcraft, Inc. for the benefit of the families and children in our community. Neither The Great Toy Exchange nor Superior Woodcraft receives any monetary, financial or other similar benefit from The Great Toy Exchange.

If possible please leave children at home. For more information visit, http://www.superiorwoodcraft.com/ or email me for information.

The holidays are beginning in Doylestown! Come join the fun with the lighting of the Dreidel and tree. Enjoy the sounds of carolers, free cookies and cider and Santa!

The festivities begin at 6pm on Friday, November 27th and Santa will arrive at 6:30pm. The location if you don’t already know is in the Town Center at State and Main Streets.

You can meet Santa at his house at Hamilton Street (free of charge) once he arrives. There will also be storytelling from 6:45-7:15pm across the street from Santa.

For more information visit the Doylestown Business and Community Alliance site  or email me.

Come out and start the holiday season off right! I hope to see you out and about, as it is a great family event!

Jim Henson

I know there are fans of Jim Henson all around, so why don’t you visit Jim Henson’s Fantastic World exhibit at the James A. Michener Art Museum here in Doylestown, Pa.
This limited time engagement exhibition features 100 original artworks, including drawings, cartoons and storyboards that illustrate Henson’s talent as a storyteller and visionary. Among the variety of exhibition objects are puppets and television and movie props, photographs of Henson and his collaborators at work and original video productions, including excerpts from Henson’s early career and experimental films. The exhibition installation will include a resource room, which will feature hands-on activities for children of all ages, including a puppet theater.

Tickets just cost $10.00 per Adult, $9.00 for Seniors, $7.50 for Students (with ID), $5.00 for Children 6 to 18 years old and Free for Children under 6 years.
Call me if you have any questions or visit the museum website where you can purchase tickets online.