Lower Makefield Township, Bucks County, Pa., real estate update
Time to take another close look at statistics for the real estate market, in Bucks County, through the first quarter of 2010. If you follow my blog, you know that I keep very close track, of a variety of statistics, every month, for various communities in Bucks County, that I serve.
Today, we will review the real estate market for Lower Makefield Township.
[issuu viewmode=presentation layout=http%3A%2F%2Fskin.issuu.com%2Fv%2Flight%2Flayout.xml showflipbtn=true documentid=100421134322-98fb0898d2a947c59ed8efb8c4c21347 docname=copy_of_market_statistics_recap_pr_20100421_134401 username=sbgifford loadinginfotext=Copy_of_Market_Statistics_Recap_Principal_Markets_and_Bucks_Feb_10march2010 width=200 height=188 unit=px][issuu viewmode=presentation layout=http%3A%2F%2Fskin.issuu.com%2Fv%2Flight%2Flayout.xml showflipbtn=true documentid=100421134318-f6d9d8a573a143999c9da851a0db1b96 docname=copy_of_lmt_sold_units_chartmarch username=sbgifford loadinginfotext=Copy_of_LMT_SOLD_UNITS_CHARTmarch width=200 height=188 unit=px][issuu viewmode=presentation layout=http%3A%2F%2Fskin.issuu.com%2Fv%2Flight%2Flayout.xml showflipbtn=true documentid=100421134315-c0bde9d01fda4438a9da0714521f157d docname=copy_of_lmt_sold_units__avg_price_chartmarch2010 username=sbgifford loadinginfotext=Copy_of_LMT_SOLD_UNITS__AVG_PRICE_CHARTMarch2010 width=200 height=188 unit=px]
Bucks County real estate saw an overall increase of 13.3%, for the number of units closed through the first quarter of 2010, compared with the first quarter of 2009.
Here is a quick breakdown of Lower Makefield through the first quarter:
- 49 homes sold through March of 2010, at an average of 92% of asking price.
- 34 homes through the same period, last year, at 91% of asking price.
- There were 220 homes on the market in Lower Makefield Township, at the end of March 2010.
- There were 222 homes on the market in Lower Makefield Township, at the end of March, 2009.
- There were 191 homes on the market in Lower Makefield Township at the end of February, 2010.
Inventory remains stable, compared with last year, although up from the end of February. The increase in inventory from February, is to be expected, based on the time of the year. More people generally put their home on the market, in the spring. There are generally more buyers in the spring, as well.
- The average price of a home for sale at the end of March, 2010, was $499,000.
- The average price of a home for sale at the end of March, last year was $542,000.
This suggest to me, that as we continue with the buyers market trend, sellers may be getting more realistic with their asking prices. The asking price of homes, is down 8%, in Lower Makefield Township, this year, compared with last year.
What does all of this mean to buyers and sellers of real estate, in Lower Makefield Township? There is still almost a 10 month supply of homes on the market. We consider a market to be balanced, when there is about a 6 month supply. Based on inventory, market still favors buyers.
The average days on the market is higher than last year at the same time. Currently average days on the market is 88 compared with 66 last year.
In terms of average sale price, keep in mind that the average sold price for 2006 was 3.6% higher than the previous year, 2007 saw a 6.4% decrease, 2008 saw an increas of 3.1% and 2009 saw a decrease of 6.7%. See the chart showing average sale prices for a 10 year period, to put all of this in perspective.
It is critically important that seller be realistic when setting a price. If you price homes appropriately, there are buyers. I have recently had listings that have received more than one offer, and I had a recent listing sell for more than the asking price! For buyers, there are lots of choices, although it is important to distinguish between homes that are unrealistically priced, and those that are priced correctly. Homes correctly priced, will sell relatively quickly.
Pleaese feel free to share your thoughts and comments with me, about anything you agree or disagree with.
In the next few posts, I will take a look at other communities.
Continue Reading > Add a Comment |