Yardley, Lower Makefield Township, real estate market update
In today’s post, I wanted to take a look at where the real estate market is, in Lower Makefield Township & Yardley, in Bucks County.
The end of April, represented a pretty important milestone, with regards to how real estate will perform, in the coming months. As everyone probably knows, the tax credit expired at the end of April. I also mentioned, in a previous post, that April for myself and my team, was extremely busy.
In my own personal experience, of the 10 or 11 transactions that we were invloved with in April, there was really only 1 that was particularly driven by the tax credit. Having said that, all of the national real estate statistics, are showing that April, like November last year, was extremely busy.
So where is the market heading, as we move into May, and into what is traditionally the height of the spring selling market in real estate?
My feeling about the real estate market in Bucks County, and specifically for the purpose of today’s post, in Yardley & Lower Makefield Township, is that we will continue to see relatively strong activity, at least in terms of the number of units that are sold. If you look at the charts that I have created, for the single family home market in Yardley & Lower Makefield, you can see how the buyer activity of the past couple of months, has impacted the average days on the market.
It appears from the charts, that median pricing is remaining stable, but there has been a very clear, downward trend in the amount of time that it is taking homes to sell.
I think that buyers today, are motivated by concern over the potential of rising interest rates. For those buyers who are on the fence, there is very real worry, that if they wait until next year, interest rates could be higher than where they are, currently. In the Lower Makefield and Yardley market, we are still seeing an inventory backlog of significantly more than 6 months, which means that conditions still favor buyers. I have seen neighborhoods where a couple of months ago there were 3 and 4 homes for sale, and now they are all sold. One of those neighborhoods, is Arborlea, in Lower Makefield. We had a couple of listings in Arborlea that sold in just days.
I think what the chart is showing, since inventory levels seem to be rising, is that there are a number of homes that are on the market, that are overpriced. They remain on the market for months and months and months, in many cases. Those sellers who are realistic, and want to sell, price their homes competitively, given current market conditions, and they often get strong offers, very quickly.
Check out the charts, and let me know what you think.
Yardley, Lower Makefield Township real estate inventory & days on market
Median price VS. Days on Market for Lower Makefield Township/Yardley