Guess how long its taking to sell expensive homes, in Lower Makefield Township, Bucks County, Pa.
Selling houses in Yardley and Lower Makefield Township.
The single most important discussion I ever have with a seller, is the discussion about price. I always try and impress upon sellers, how absolutely critical it is, to price a home correctly.
I have also reported previously, that the market for higher priced homes, is more challenging than the market for homes priced more moderately. The reason for that, among other things, is becuase of the first time home buyer tax credit.
To drive home the point I have been making, I started with homes for sale in Lower Makefield Township, in Bucks County. I compiled a list of all homes for sale in Lower Makefield, priced from 600,000 to whatever the most expensive listings were. As you can see from the chart that follows, there are 29 homes for sale, priced between 600,000 & 1,495,000.
I charted the total number of days on the market for each home.
I eliminated any new construction, since they tend to skew the statistics because of how long new construction homes remain on the market.
| 107 Shelly Lane | $619,000 | 75 |
| 1505 Pownal | $619,900 | 104 |
| 837 Sandy Run | $625,000 | 11 |
| 1340 Jacob Dr. | $629,000 | 138 |
| 4 Houston | $639,900 | 208 |
| 704 Long Acre | $645,000 | 129 |
| 1023 Victory | $649,500 | 5 |
| 361 Twig | $649,900 | 271 |
| 2200 Yardley Rd. | $649,900 | 29 |
| 2117 Stackhouse | $649,900 | 751 |
| 1277 Clearview | $649,900 | 601 |
| 919 Hunt Drive | $658,000 | 263 |
| 621 Grindan | $669,000 | 19 |
| 1353 Heller | $679,500 | 22 |
| 660 Grindan | $694,900 | 18 |
| 1485 Brookfield | $695,000 | 131 |
| 1440 Windrow | $699,900 | 285 |
| 1241 Briddle Ests. | $715,000 | 477 |
| 1083 S. Kimbles | $717,000 | 247 |
| 778 Mill Road | $729,900 | 268 |
| 1743 Jockey’s Way | $759,900 | 152 |
| 1561 Quarry Rd. | $799,000 | 117 |
| 1623 Makefield Rd | $835,000 | 225 |
| 2014 Silverwood | $849,900 | 832 |
| 1644 Powderhorn | $899,900 | 240 |
| 2061 Silverwood | $974,900 | 638 |
| 175 Mt. Eyre Rd | $1,185,000 | 68 |
| 1995 Timber Lakes | $1,295,000 | 24 |
| 1509 Quarry Rd. | $1,495,000 | 299 |
What I found was, that the average days on the market of the 29 homes for sale, was 230! That is a sobering statistic, especially for a seller who is motivated, and really wants to move. If I eliminate the 3 houses that have been on the market the longest, the average days on the market, for houses priced above 600,000 in Lower Makefield Township, is 171. Still, quite a long time.
I can examine similar stats from other communities, like Upper Makefield Township and Newtown Township, but the results will be somewhat similar.
There have been a total of 46 homes that have closed, in the past 12 months, priced above 600,000 in Lower Makefield Township. This represents more than 8 months of inventory, based on the current rate of absorption.
So, the critical message to sellers, is to be as realistic as possible, in pricing your home. There are buyers, but as you can see, there are many homes that have been on the market for a long time. Price your house correctly, make sure it shows as well as possible, market it properly, and it will sell in a reasonable time frame.
I always welcome your thoughts and comments.
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