Upper Makefield real estate, July, 2010
Whats happening in the real estate market, specific to Upper Makefield Township, in Bucks County, through the end of July, 2010.
Lets look at some numbers.
Inventory of homes on the market in Upper Makefield Township.
- Homes for sale, end of July, 2010 141
- Homes for sale, end of July, 2009 134
- Homes for sale, end of June, 2010 138
Inventory of homes on the market, is up by 5.2% from last year at the same time, and up just slightly from the end of June.
Average price of homes on the market in Upper Makefield Township
- The average price of a house for sale in Upper Makefield Township, at the end of July, 2010 was $1.27 million.
- The average price of a house for sale in Upper Makefield Township, at the end of July, 2009 was $1.39 million.
- This represents a reduction in the average price of a home on the market of 1.9%.
What is amazing about that statistic, is that the average price of a house that has sold in Upper Makefield, as of the end of July this year, was $849,000. This represents an enormous difference. Think about that. The average asking price is $1.27 million, but the average selling price is $849,000. The reason for this, is that there are a great number of houses on the market in Upper Makefield, that are more than a million dollars. Relative to the number of homes that actually sell, the inventory of houses on the market that are above a million, actually skew the average asking price. Those homes, tend to remain on the market, which also skews the average days on the market, and are much more difficult to sell, than more modestly priced homes. The same is essentially true in every community, in that the most expensive range of homes in any community, tend to be the most challenging to sell.
Real estate sales volume in Upper Makefield Township.
- Homes sold in Upper Makefield Township as of the end of July, 2010 61 at 90% of the asking price.
- Homes sold in Upper Makefield Township as of the end of July, 2009 38 at 87% of the asking price.
This represents an incredible 60.5% increase in unit volume over a year ago. In addition, although buyers are still achieving, on average 10% off the asking price, that number compared with 13% last year at the same time.
Summary of real estate market through the end of July, 2010 in Upper Makefield Township, Bucks County, Pa.
So, what does all of this mean? Inventory levels are up a bit, from last year, but unit sales are up tremendously. However, at the current sales pace, there is a 17.8 month supply of homes on the market. This compared with 22.3 months last year, at the same time, so conditions would appear to be improving a bit. However, please keep in mind, that we consider the market to be balanced between buyers and sellers, when the inventory level approaches 6 months. Clearly there is a long way to go, before we get back to balanced market conditions.
In addition, almost half of the homes currently on the market (67 of 141 to be exact) are priced about $1 million. That represents a whopping 37 month supply of houses above a million, at the current sales pace. It should be pretty clear, especially in the higher priced market, that homes absolutely must be priced correctly, based on current market conditions, in order to sell. It has never been more important, if you are selling, to price correctly, and market as aggressively as possible.
If you would like to know what homes in your neighborhood are selling for, please ask me for my neighborhood sales report. You can email me, and I will forward the report immediately.
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