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.

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.

Corn Maze

I feel like since the weather is about to get colder out, that I need to visit every outdoor event this fall.

Well, here is another great event being held by Winding Brook Farms in Warrington, Pa.  The “Amazing” Corn Maize, Hay Maze, Li’l Peepers Hayride, Pumpkin Patch, weekly entertainment, concerts and more.

CORN MAiZE: A 5 acre maze to test your skill! Come see our design this year, created by Brett Herbst, founder of The Maize, LLC. These guys are the leading corn maze design/consulting company in the world. Expect 30 minutes or more to complete the maize. A trivia question “passport” can help guide you through the maze, if answered correctly. In the event of defeat, they have “corn cops” to show you the way out. How fun!

HAY MAZE: A labyrinth of hay bales towering above your head. It will take a few minutes to wind your way through this puzzle. Kids will love to enter numerous times, at no additional charge.

LI´L PEEPERS HAYRIDE: This is an evening hayride with Family Friendly Halloween Scenes. The hayride lasts approximately 30 minutes and is suitable for all ages.

PUMPKIN PATCH: A walk-to-patch, free of charge, is available. Or take a hayride to the pumpkin patch where each person can pick their perfect

They have also launched a Haunted Hayride this year called “Night Chills” and have a combo ticket for that with their Corn Walk of Horror for $25. This is for the family members who prefers their Autumn entertainment of the “spine-chilling” variety. The Haunted Hayride runs through 10/30. The duration is approximately 30 minutes.

See their website for ticket prices and combination deals. Some events are free with purchase. Tickets are also available at the farm on event dates.

Call me if you have question or just come out and enjoy the fall weather.

It is that time of year again! Halloween Hayrides, some very scary, some not as scary, you can take your pick.

Shady Brook Farms has something for everyone. Come early in the day to take a hayride to the pumpkin patch and then stay around in the evening for the Shady Brook Farm’s “Horrorfest”.  Horrorfest has four thrilling attractions such as the Hayride of Horror, Barn of Horror, Alien Encounter and Deadtime Stories Corn Maze. You can check times and buy tickets online at Shady Brook Farms.

A great hayride for the family is at Active Acres.  Here you can ride to the pumpkin patch to pick your own pumpkins. Enjoy pony rides, the corn maze, farm animals and more.  It is open every Saturday and Sunday from 11am to 3:30pm through October 26^th.

We have all heard of and hopefully have toured the Eastern State Penitentiary.  The Halloween attraction, “Terror Behind the Walls” is back with the New Infirmary now open. Voted #1 Haunted House in America, don’t miss the chance to be inside the 11 acres abandoned prison. Visit the Easter State Penitentiary “Terror Behind the Walls” for more information.

Come out to the Grand Opening weekend of the Valley of Fear and The Original Haunted Hayride here in Feasterville, PA.  Or if you can’t make it this weekend, you have plenty of opportunities as they will be open every Thursday through Sunday from October 1 to October 25 and then daily from October 27^th to November 1^st. There are three main attractions for you to see. First is the Original Haunted Hayride. Second are the Miles Manor and One Eyes Willy.  Third is the Valley of Fear. Visit the Valley of Fear website and print off an opening weekend coupon for 3 attractions for the price of two. You can also purchase the Fear Pass or VIP Fear Pass only which will let you skip to the front of the line on all three attractions.

What a great way to spend time outside before the weather turns cold.  If you need more information, please call me.

I wanted to let everyone know, that the deadline for filing, is August 3rd.  The only thing that is required to meet the deadline, is to go to the tax assessor website, and download the form.  Complete the form, and indicate that information will follow.  You don’t have to have all the information together, at this time.  You just have to file the form on or before the 3rd.

You will then get a hearing date. 

Another important note, you must attend the hearing on the date scheduled.  As far as I know, they will not continue the hearing if you are not present. 

Another observation, after speaking with many people, is that perhaps the easiest way to get detailed information for the appeal, is to hire an appraiser.  An qualified appraiser will generate a very detailed report, that will substantiate a current value that will be lower than your current assessed value, assuming you have a valid case.  It generally costs about 400 for an appraisal.  Please contact me, if you need to find an appraiser.

120 Forest Creet Ct. Upper Holland, Pa. 19053

120 Forest Creek Court, Upper Holland, Pa. 19053

Welcome home to 120 Forest Creek Court, in Northampton Township, Bucks County.  This custom built home, offers more than 5000 sq. ft of luxurious amenities, including a private, in-law suite that includes 2 bedrooms, a full bath, kitchen, living room, fireplace and kitchen.

Enter the dramatic, 2 story, entry foyer, and note the diagonally placed, Brazilian Maple hardwood floors.  The family room is spacious and bright, also featuring high ceilings, along with a fireplace and gorgeous built-ins. 

The kitchen will delight the cook in the family, with granite counters, custom tile backsplash, stainless steel appliances and island seating.

The master bedroom is elegant and spacious and includes a sumptuous bath with jacuzzi, and large, seperate shower. 

Additionally, on the upper level there are jack & jill bedrooms, along with a princess suite, loft and laundry room.

The walk-out lower level apartment, with seperate entrance, is ideal for in-laws or as an au pair space.  It is fully approved, and could also be rented. 

The huge, wrap around deck, is perfect for warm weather cook-outs and entertaining.

This incredible house is situated on 2 glorious acres, just minutes from Newtown, and close to the Yardley-Newtown bypass, and 95, for easy commuting. 

Please contact me for pricing as well as additional information. 

Please see below for additional photo’s.

]]> http://buckscountypatoday.com/2009/05/11/120-forest-creek-ct-upper-holland-pa-19053/feed/ 0 http://buckscountypatoday.com/2009/05/08/bucks-county-yardley-newtown-pa-tax-appeals/ http://buckscountypatoday.com/2009/05/08/bucks-county-yardley-newtown-pa-tax-appeals/#comments Fri, 08 May 2009 15:10:02 +0000 mmillner http://buckscountypatoday.com/?p=203 As a follow up to my post yesterday, regarding the process of appealing property tax assessments, I saw that in the Bucks County Courier Times this morning, there was an interesting article about a large group of home owners in a specific neighborhood, who decided to appeal their property tax assessments. 

The neighborhood is called, “Bluestone Creek“, and it is in Warrington Township.  It is a newer developement, and many of the owners found, after moving in, that their tax assessments were based on values that were more than what they paid.  As I pointed out in my post, yesterday, property taxes are unfavorably skewed against newer construction. 

Home owners in this neighborhood, saved an average of 900.00 each, with their successful appeals. 

As I observed yesterday, in my post, this article points out that it is not a complicated process to appeal your property taxes in Bucks County, if  you feel that they are not fair, based on other homes of comparable value.

Property tax appeal

The article raised an intersting point, as it relates to property taxes specifically in Bucks County.  With regards to property taxes in Bucks County, there are often relatively large differences between the property taxes that are paid on similarly valued properties.  I often refer to this as inequities in property tax base.  Theoretically, 2 houses that are worth exactly the same, that are in the same area, meaning that they are in the same County and Township, should pay the same property taxes. 

In fact, in Bucks County communities, we often find that the above is not the case.  The reason for that, is that there has not been a County wide reassessment, in decades.  As a result,  assesments on individual properties, can be skewed.  As a general rule, they are unfairly biased against newer construction.  That means that relative to value, newer houses generally pay more in property taxes, than older houses of comparable value.  So the question is, are your taxes fair, relative to the value of your house, and if not, can you do anything about it?

In fact, it is relatively easy to appeal your property tax assessment, if you feel that it is unfairly high, relative to other houses of comparable value.  Many home owners are not aware of the fact that they can appeal the property taxes that they are paying.  The process is actually quite simple.  All you need to do, to start the appeal process, is to complete the property assessessment appeal form, which is available on the Bucks County website and present it to the Board of Assessment Appeals office at the Court House in Doylestown.  You will need information regarding property taxes of similar homes, in order to make your case.  I can assist with gathering that information.

Another option, which is even easier, is to contact an attorney who specializes in filing tax appeals.  I recently had a friend/client, who succeeded in an appeal in Lower Makefield Township, and saved several thousand dollars a year, on their property taxes.  They hired an attorney, who took the case on a contingency basis, and took a percentage of the first years savings, as the fee. 

If you would like more information about this process, or would like me to help you with gathering the information, please contact me at 215-519-1399, or send me an email.