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.

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.

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

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.

Italian Cucina, New Hope

For anyone looking for a really fun, wonderful restaurant, head up to New Hope, and try Italian Cucina.

We went with friends, on Saturday night, which was our second time, at the restaurant. 

We had great food, and lots of fun, both times.

Italian Cucina, is right on Main Street, in New Hope  at 95 S. Main.  It is set back off the street, so it is easy to miss.  It is very small, but the size and proximity of the tables, adds to the fun and ambiance.  On Saturday, we were surrounded by fun people, and really had a great time sharing stories and jokes, with folkS that we didn’t know, until sharing close tables with them.

One of the fun aspects of La Cucina, is that there is not actually a formal, written menu.  Either the owner, Joeseph Lombardi, or a server, will come to your table and let you know what is being prepared for the evening.  There are great choices, and believe me, you will have a tough time deciding what to order.

On Saturday, everyone ordered something different, and we all shared, so we had a chance to try a variety of flavors. 

Both times we were there, they offered a fish special.  They have absolutely amazing pasta, with all sorts of sauce options.  On Saturday, there was a crab cake special, as well as a special chicken dish, along with a shrip and scallop special with pasta.  Everything we had, was outstanding.

Italian Cucina is a byob, and is a really fun place to spend an evening.  Check it out, you will not be disappointed.

This weekend you can enjoy Neshaminy Valley Music Theaters’ production of  ”Guys and Dolls” at the Bucks County Playhouse .

Guys and Dolls is a cornerstone of Broadway musical comedy that continues to delight audiences year after year. Featuring show stopping songs such as “Luck be a Lady” and “Sit Down You’re Rockin’ the Boat”, this musical is the perfect balance of story, dance, music, comedy and romance!
classic musical fable about Sarah Brown, the upright but uptight “mission doll,” out to reform the evildoers of Time Square and Sky Masterson, the slick, high-rolling gambler who woos her on a bet and ends up falling in love.   To buy tickets and get full details visit www.buckscountyplayhouse.com

WINES FROM AROUND THE WORLD
A beginner’s guild that compares local wine to wines from established wine regions, this instructional course will fill you with education about wines from France(April 9), Italy (April 16), Chile (April 23) (a new world country) and Australia/New Zealand (April 30). R.S.V.P. to save your spot at 215-794-9655, $30 per person or $100 for entire course (Save $20!). Classes start at 7pm. Includes instruction, tasting and learning materials. $30.00 Per Person
$100.00 for entire course

Time: 7pm

Sponsored by: Chaddsford Winery

Location: Chaddsford Winery Wine Shop & Tasting Room in Peddler’s Village, 2450 Street Road , New Hope, PA
Contact: 215-794-9655

There is something for everyone at this fun and interesting event.  Enjoy Jugglers, Storytellers, Costumed Actors and More!
Step back in time as New Hope is transformed into a medieval fantasy for one glorious weekend Saturday, April 17 and Sunday, April 18, 2010. The New Hope Fantasy Renaissance Faire will take place on Mechanic Street in the heart of New Hope starting at 11:00 am. Sponsored by the Greater New Hope Chamber of Commerce, the free event will bring together dozens of local businesses and restaurants.
The event is free and will take place rain or shine. Visit www.newhoperenfaire.com

The Greater New Hope Chamber of Commerce has pulled together 17 restaurants in the local community for the first ever New Hope Restaurant Week. The event begins Sunday, March 21 and runs through Friday, March 26. The special includes a three- course, (prix-fixe) meal at any of the participating vendors for only $29.95.

The town’s people hope local and tourist diners take advantage of the promotion and patronize additional businesses in the historic river community. “We are thrilled to have received such great enthusiasm from our local restaurateurs,” said Carol Ann Della Penna, chamber spokeswoman. “New Hope is home to many of Bucks County’s finest restaurants, making this a rare opportunity to taste exceptional cuisine at an exceptional value.”
Sponsors of the week include E&J Gallo Winery, Effen Vodka, Stella Artois, National Penn Bank and Bucks Life Magazine.
 

Participating restaurants

Cafe Europa   215.862.9600         11 Market Place Logan Square New Hope, Pa
Golden Pheasant Inn   610.294.9595         763 River Road Erwinna, PA  www.goldenpheasant.com
Havana     215.862.9897           105 South Main St. New Hope, PA  www.havananewhope.com
Italian Cucina    215.862.3818     95 South Main St. New Hope, PA  www.cucinanewhope.com
Karla’s     215.862.2612     5 West Mechanic St. New Hope, PA  www.karlasnewhope.com
Marcella’s     215.862.1700     7 East Ferry St. New Hope, PA  www.marcellasrestaurantnbar.com
Marsha Brown      215.862.7044     15 South Main St. New Hope, PA  www.marshabrownrestaurant.com
Martine’s River House     215.862.2966     14 East Ferry ST & River New Hope, PA  www.martinesriverhouserestaurant.com
Mother’s Wine Bar     215.862.5857     34 North Main St. New Hope, PA  www.mothersnewhope.com
Sandbar at 90 Main     215.862.3030     90 Main St. New Hope, PA  www.sandbarnewhope.com
The Landing Restaurant     215.862.5711     22 North Main St. New Hope, PA www.landingrestaurant.com
Logan Inn        215.862.2300     10 West Ferry St. New Hope, PA  www.loganinn.com
The Mansion Inn      215.862.1231     9 South Main St.New Hope, PA  www.themansioninn.com
Harlans Restaurant & Cabaret     215.862.5221     6425 Lower York Road New Hope, PA www.harlansrestaurantnewhope.com
Triumph Brewing Company      215.862.8300     400 Union Square Dr New Hope, PA  www.triumphbrewing.com
Tuscany at the Towpath House      215.693.1599     18 West Mechanic St.New Hope, PA www.tuscanytowpathhouse.com
Villa Vito Restaurant       215.862.9936     26 West Bridge St.New Hope, PA  www.villavitorestaurant.com

Winter Festival 2010 is upon us! This year it starts on January 23^rd and goes through January 31, 2010.

There are many of your old favorites along with what will be come your new favorites this year.  The Chili cook-off, the Winter Festival Concert (XPN Welcomes Daniela Cotton), and the Parade, but look for some new and updated offerings such as the Taste of Winter Fest and the Photo Tour.

You will have the opportunity to visit over 30 free events as well as 5 ticketed events. For a complete listing of events and to learn more, click on Events on the Winter Festival site.  Tickets are currently on sale for all of the ticketed events – click on the Tickets link on the Winter Festival site to purchase.  Most events sell out in advance, so be sure to get your tickets early.

Proceeds from the Festival go to many local organizations in need.  You can also place donations,  in canisters at all events and along the parade route.  Non-perishable food items would be great, to help fill shelves of the organizations in need.

Please email me if you have any questions about the events.  Hope to see you there!

The table below, tracks very specific year to year appreciation, along with units sold, in various municipalities in Bucks County.  It is interesting to see, that the markets all are different.  For example, looking at Lower Makefield Township, prices declined by 6.7% in 2009, while in Newtown Township, prices dropped by 3.7% in 2009.


 

For all of Bucks County, prices dropped by 6.8% in 2009. 

These statistics are based on houses that sold, and they include all homes other than condominiums. 

In future posts, I will be taking an in depth look, at market statistics, in the Yardley, Newtown, Upper Makefield, Buckingham, and Solebury areas.

If you have any questions, or would like any clarification of this information, please contact me.