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.

Treat Mother like the royalty she is! Private carriage rides for Mom and her family. Travel with her through the beauty of spring at Tyler State Park  as the beautiful Belgian horses pull an open air carriage on the roads less traveled at the park. This exquisite carriage ride will make this a Mother’s Day to remember.

Carraiges depart from the Boat House area at Tyler Park and are provided by A Better Way Farm

Carriage can accommodate up to six people and several departure times are scheduled beginning at 12:00p.m. and ending at 4:40. 

You are required to register for your time slot and it is advised that you arrive 10 minutes prior to departure time. 

CLICK HERE FOR FULL DETAILS AND TO REGISTER

Folks walked State Street and Sycamore Streets, in Newtown, which offerred musicians, face painting, food and good cheer, as we enjoyed a glorious 75 degree spring day in Newtown. Check out the pictures, which were provided by local photrapher Jill Christine Martin. 

Both Newtown Boro, and Newtown Township, plan to continue this first Saturday event, on the first Saturday of every month.  It was great to see so many people, out enjoying such a beautiful day.  Hopefully the business community in Newtown, found the event, productive.

 A pair of First Saturday events between rival business associations offers a unique experience in Newtown.

While Newtown area businesses are preparing for not one, but two, First Saturday events this weekend, organizers focus on catering to customers instead of “tension” between two local business associations.

The Newtown Corporation and the newly formed Newtown Borough Business Connection are behind the separate First Saturday celebrations that planners hope will promote area restaurants and retailers and become a successful tradition in Newtown Township and Newtown Borough.

NBBC’s First Saturday State Street event will feature live music, face painting, various discounts offered by participating businesses, sidewalk sales and an appearance by the Easter Bunny, all taking place between 1 and 5 p.m. this Saturday and every first Saturday of each month through October.

The Newtown Corp.’s rival event offers musicians, street performers, sidewalk sales, carriage rides and discounts at local restaurants. The plan is to unite the township and borough by including businesses located on both Sycamore Street and State Street.

First Saturday Newtown, as it is being called, will be held between noon and 7 p.m. every first Saturday, beginning this week until December.

Both organizations will provide many similar sales and attractions, and shoppers likely will stroll around town enjoying both events simultaneously.

All  businesses were welcomed to participate and close whenever they please . It’s a  really great event going on here in a fantastic little town.

For details about the Newtown Borough Business Connection’s First Saturday State Street, visit www.newtownbcc.org

For more information about Newtown Corp.’s First Saturday Newtown, visit www.allaboutnewtown.org

Real estate is, and always has been, local.  It is local, sometimes even down to neighborhood by neighborhood.

I always track statistical information about real estate in Yardley, Newtown, Lower Makefield Township, Upper Makefield Township, and many of the communities that I serve. 

People ask me every single day, how is the market?  I can answer that question, based on how carefully I track statistics, as well as from my own personal experiences in representing buyers and sellers.

So, here is a brief look at a couple of interesting real estate charts, for Yardley and Newtown.

If you look at the charts, you will see that after falling a bit, during the 90 day review period, inventory levels are increasing in both Yardley and Newtown.  As you would expect, with more houses on the market, it is taking longer to sell.  Average days on the market is also increasing. 

Houses can and do sell.  It is all about the price.  These charts make a compelling case for wanting to be sure that if you are interested in selling, you must price your house correctly. 

If you have questions, please feel free to contact me.

Inventory and days on the market for 19067

Today, we will see what is happening with the real estate market, in Newtown Township, Bucks County.

• Inventory of homes for sale at the end of February this year, was 120
• Inventory of homes for sale at the end of January, 2010 was 101.
• Inventory of homes for sale at the end of February, of 2009 was 119

Basically, unit inventory is virtually equal to what it was last year, at the same time, but did rise by 19 homes, from January, 2010.

• 16 homes sold through the end of February, 2010, at 95% of the asking price.
• 13 homes sold through the end of February, 2009, at 92% of the asking price.

Unit sales volume is up 23.1% compared with last year.  Full year 2009 unit sales were down by 3% from the prior year.  Buyers are achieving approximately 5% as an average discount off of the asking price. 

• Average price of a home for sale in February of 2010 was $475,000
• Average price of a home for sale in February of 2009 was $501,000. 

List prices of homes in inventory, is donw by 5.2%

What does all of this mean to buyers and sellers?  There is currently a supply of just over 6 months of inventory.  We consider a market to be balanced between buyers and sellers, when the inventory is about at 6 months.  At the moment, that is the case in Newtown Township.  However, houses are definitely taking longer to sell.  Average days on the market is 62, versus 53 last year.  Across the board, prices fell 3.7% in Newtown, for all of 2009.  Although the list price of homes has fallen this year, it is too early to see what the 2010 trend will be.

As always, it is critical to price your house correctly.  Be aware that buyers are achieving approximately a 5% discount from the asking price.

If you have any questions, or want more detailed information, please feel free to contact me.

In this post, I am going to take the opposite approach, and suggest 5 things that decrease a home’s value, when compred with other properties.

Clearly, there are a lot of factors that go into trying to decide what a house is worth, in a given area and market.  Things like location, overall condition, size, ammenities, etc, help to determine how one house compares with another.  Lets look at 5 things that will devalue your house:

1.  Location

This would seem obvious, but if you have a house that is in a weak position in a neighborhood, it can significantly decrease the value.  For example, a few years ago, I sold a house for a seller, that back to railroad tracks.  The house sold for approximately 15% less than it would have, had it been on the opposite side of the street. 

The same can occur is a house is on a main road. 

The other issue, in terms of the neighborhood, is how are the surrounding homes maintained?  If you are trying to sell a house, and it is next to a property that is an eyesore, it will afect a properties value.

2.  Curb Appeal

Again, this may seem obvious, but when I am showing real estate in Yardley or Newtown, I can often tell how a house will show inside, by what the exterior looks like.  If the gardens are full of weeds, and the exterior needs painting or other upkeep, it will absolutely affect how much the house is worth.  If your house makes a poor first impression, it will impact how much a prospective buyer is willing to pay.

3.  Paint

This sort of goes along with the observation above, which is that first impressions, are critically important.  If a buyer walks into a house, and finds peeling wall paper, or rooms that need to be painted, it often sends a signal of distress, that can translate into lower values.  The same can be true, if your house is painted with garish color schemes.  The lesson is, make sure that your house is freshly painted, if you want to maximize its value, and if you do need to paint, pick soft, neutral and warm colors, that will appeal to the widest audience.

4.  Kitchen

Once potential buyers get inside your home, the kitchen represents one of, if not the most critical space in the house.  Sinks, contertops and cabinets, are extremely worthwhile investments, when getting houses ready for sale.  If the kitchen is cluttered and disorganized, it will negatively effect the value of the house. 

If your counters and/or backsplash are stained, it will impact the perception of value that the buyer has. 

Even minor kitchen improvements, can make a big difference in the value of a house.  You really want your kitchen to sparkle, when you are selling a house.

5.  Baths

As with kitchens, old and tired bathrooms, will detract from the value of a house.  It is well documented, that the best investment that one can make in a house, is in kitchens and baths.  These are important spaces, and when a buyer looks at bathrooms with chipped or old tile,  or sees areas in need of new grout, etc, they will lower their sense of what a house is worth.  Again, these things send a message of distress, which reduces a homes value. 

These suggestions were taken from a wonderful website called, “How Stuff Works“.  Check it out for lots of other good ideas.

As always, I welcome your thoughts or comments.

I find these graphs a very easy and clear representation, of the direction prices have taken, over the past 10 years. It is pretty interesting to me, that from a price perspective, the average price of a single family home in Newtown, has only dropped about 6% from the peak, which was in 2006.

 

I also added units to this chart, and from that perspective, there has been a much more pronounced change. In 2004, there were 360 homes that sold, while in 2009, there were only 224. Although the volume has fallen substantially in Newtown Township, prices have held up extremely well.

As I have mentioned before, real estate is very, very local. We would find differences if we examine neighborhood by neighborhood, even within the same township.

As always, I welcome your thoughts and comments.