Yardley housing market update
Let’s look at the real estate market in Yardley, and see where we are, through September. This review also covers real estate in Lower Makefield Township. As I mention in virtually every real estate post for Yardley, or anywhere in Bucks County, real estate is a very local business. Please remember that, when you read the national press.
I am also including with this post an appreciation (or depreciation) chart for Lower Makefield Township housing, starting with the year 2000. If you follow the numbers, you will see that our area has lost about 15% of value since the height of the market. The real estate market in virtually all of Bucks County has held up considerably better than many other parts of the country.
Real Estate Update for Yardley/Lower Makefield Township.
Inventory:
- Houses for sale at the end of September 2011 246
- Houses for sale at the end of August 2011 254
- Houses for sale at the end of September 2010 214
Inventory is up by about 15% from last year at the same time.
Pricing:
- Average price of a home on the market September 2011 $475,000
- Average price of a home on the market September 2010 $521,000
Based on average pricing, the asking price of a house on the market in Lower Makefield Township, is down by almost 9%. Could sellers be getting a bit more realistic?
Units Sold:
- The number of homes sold, year to date in Lower Makefield Township, through September 2011 was 222
- The number of homes sold, year to date in Lower Makefield Township, through September 2010 was 253
Buyers are getting approximately 8% off of the original asking price, on average. This is very slightly higher than last year at the same time. Most importantly, there is an 11-month supply of houses on the market in Yardley, and the average days on the market has increased, as well. All of these factors show that the market is still weighted in favor of buyers.
One statistic that was interesting to note, though, is the number of pending real estate transactions for all of Bucks County, was up by more than 18% at the end of September, compared with the same time last year. That is the best forward-looking trend line. A pending sale means that the seller has accepted an offer, but the house has not yet gone to closing. I would expect to see this reflected in the number of houses in Bucks County that go to closing over the next few months.
Again, please keep in mind that houses are bought and sold every day of the week. There are buyers looking, and if you are considering buying, there are absolutely great opportunities in the market right now. You can reach me at 215-519-1399 to get any additional information.
Housing appreciation schedule for Lower Makefield Township
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Is It Time for Solar in Yardley?
Have you seen solar panels around Yardley? They’re on roofs, and even in fields! Solar panels are becoming part of America’s energy-saving culture, by converting the sun’s radiation into electricity. And while solar power still accounts for less than one-half of one percent of the electricity produced in the state, today there are 30 times more solar panels installed right here in Pennsylvania than there were just three short years ago!
Part of the tremendous growth seen in solar installations is due to a rebate program run by the state, the PA Sunshine Program, that started in the summer of 2009. The program’s goal was to stimulate the solar industry in the state, and give it the jump start needed to reach a critical mass. Although this program is being phased out now, it was very successful in accomplishing its goals.
As the industry has grown, the price of solar panels and the cost of installation have both plummeted – an average installation costs less than half of what it did two years ago. The lower cost more than makes up for the loss of the rebate. The return on investment by an average homeowner is in the 12% range – and is mostly free from income tax.
In June of 2004, my friend Mark Bortman moved his family from Bucks County to Costa Rica for a year. There, he apprenticed with a pioneer in the solar industry and learned the
business from the ground up. When he returned in 2005, he founded Exact Solar. Today, Exact is the only company in the Bucks County area with extensive experience designing and installing all three major types of solar energy systems: solar water heating, solar electricity and solar pool heating.
One of the keys to Exact Solar’s success is Mark’s hands-on approach. “We offer a personal level of customer service,” says Mark. “I give my cell phone number to my clients at the very first meeting, so I’m easily accessible.”
In addition, Mark is involved in every project to ensure the job is done right. He makes sure all permit paperwork is filed quickly and correctly, and he works on-site during every installation alongside his installers.
To start saving money while helping to make your planet a cleaner place to live, call Mark with Exact Solar for a free consultation at 267-825-0918. For more information, visit www.exactsolar.com.
Continue Reading > Add a Comment |Existing Home Sales Jump; Housing Market Shows Spark. How about Bucks County?
Existing home sales jumped 10 percent in September, the biggest monthly jump on record and a signal that the housing market may be returning to a normal sales pattern post-$8,000 federal tax credit.
In my previous post, I noted that the real estate market in Bucks County, has actually seen more closings year to date, this year, than last year. We are also in the process of looking at individual local Bucks County real estate markets. We looked at Lower Makefield/Yardley in the last post.
Please keep in mind, that the 10% jump referred to, in September, is a national statistic. I can’t emphasize enough, how local real estate is. Although these national statistics are worth reviewing, every market is different. Bucks County has held up much better, through the real estate downturn, than many other parts of the country. However, even within Bucks County, you will see different trends, when looking at specific markets, and even specific neighborhoods within those markets.
In my next post, I will review current trends in the real estate market in Upper Makefield Township.
Existing Home Sales counts home resales (i.e. not new construction) and 80 percent of home resales close within 45-60 days. It’s no surprise, therefore, September’s data is strong.
Throughout the July and August, mortgage rates were in free-fall, pushing home affordability to near-record levels. Concurrently, the number of homes available for sale climbed to multi-year highs.
“Deals” were in ample supply this summer and eager Newtown home buyers snatched them up.
Some of these deals included “distressed properties”, a categorization that includes homes in various stages of foreclosure or short sale, accounted for 35 percent of all sales, an uptick of 1 percent from August.
According to the National Association of Realtors®, home resales split as follows:
- First-time buyers : 32 percent of all buyers
- Repeat home buyers : 50 percent of all buyers
- Investors : 18 percent of all buyers
By contrast, in November 2009, first-timers accounted for more than half of all resales.
For Yardley Hunt home buyers, September’s Existing Home Sales report foreshadows a more competitive housing market through the New Year. In addition to rising sales volume, home supplies are down by nearly 2 months from July.
At the current pace of sales, the complete housing stock would be depleted in 10.7 months.
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