Yardley and Bucks County Real Estate Market Update
From a Yardley real estate perspective, we are now 11 months into data for 2011. Let’s see where we are, both with Yardley real estate and Bucks County real estate.
Bucks County real estate
Units Sold: Looking at numbers for all of Bucks County, the number of units sold this year is about 4% lower than a year ago at this time. For those who suggest that no real estate sells in Bucks County, although the number of houses sold is a bit lower, there have been 4,052 homes that have closed through November this year!
Pricing: The average price of a home for sale in Bucks County is down by 5.5% from last year at the same time.
Pending Sales: This is the best forward indicator of real estate activity, and the number of pending sales has trended up for several months.
Inventory: This is also an extremely important metric, when considering Bucks County real estate market conditions. The number of houses for sale in Bucks County is 7% less this month than last month, and more than 11% lower than it was at the same time last year! This still represents more than 11 months of inventory in Bucks County. We consider a market to be balanced when there is about a six month inventory, so you can see that factors are still favoring buyers. It is important to note, that the average days on market has also increased this year, from 88 to 101.
Observations for Bucks County real estate market
My observation from all of these statistics is that the market, while still favoring buyers, has stabilized a bit in Bucks County. I posted an article the other day comparing distressed and non-distressed real estate sales. In the article, I pointed out that both locally and nationally, prices of non-distressed properties appear to have stabilized. In looking at Bucks County real estate, it is important to note that we have far fewer distressed property sales than in many other parts of the country. Houses can and will sell, if they are priced correctly, marketed properly, and if appropriate steps are taken to ensure that they show as well as possible.
Yardley Real Estate Information
As I have pointed out many times in the past, real estate markets are very local, often varying from neighborhood to neighborhood. Let’s look at what is happening in the Yardley and Lower Makefield Township real estate market.
- Inventory of homes Nov 2011 204
- Inventory of homes Oct 2011 226
- Inventory of homes Nov 2010 194
Although inventory is a bit less this month, compared with last month, it is higher by almost 10% from the same time last year. This is a bit of a contrast to the County as a whole.
- Average price of a home for sale Nov 2011 489,000
- Average price of a home for sale Nov 2010 499,000
Asking price of a house for sale in Yardley/Lower Makefield Township is about 2% lower this year.
- 261 homes sold through November this year
- 291 homes sold at the same time last year
It is also interesting to note that homes selling this year sold at an average of 92% of the list price, while they sold at an average of 93% of list price last year. Please note that when comparing the sold price to list price, we use the original asking price, where the price is reduced.
There is currently about a nine month inventory of homes for sale in Yardley. This is actually a bit better than for all of Bucks County.
There is no question that, looking at all of this information, it is still a buyers market. However, whether you are a buyer, seller, or just curious about real estate in Bucks County, or Yardley, houses are selling. Interest rates are at historic lows. Despite public perception, buyers are getting mortgages, and real estate is selling. If you are a potential seller, it is critical that you be realistic about pricing. It has never been more important to make sure that your house shows as well as it possibly can, and that it is marketed properly and thoroughly. I have a real sense that, especially for non-distressed homes, the market is a bit more stable right now, than it has been in quite a while.Continue Reading > Add a Comment