Yardley, Newtown, Upper Makefield…Bucks County….where do prices stand, today?
I saw an interesting article in the paper the other day, about home prices, and where they stand today, relative to where they were over the past several years. Obviously we all know that prices are lower today, than they were 2 or 3 years ago, at the height of the market.
The article referenced the S & P/Case-Shiller National home price index. According to the the index, housing prices in much of the nation, have dropped to where they were in 2002. I think the most important aspect of the article, though, was that it pointed out that home prices varied dramatically, in various cities across the country. I make this point all the time, that real estate is local!
The Standard & Poor’s/Case-Shiller National Home Prince index, reported home prices tumbled more than 19% in the first quarter. However, that varies tremendously, from area to area, depending on an areas affordability, foreclosure activity and local economy.
As an example, the report showed that prices in Phoenix are at early 2001 levels, while prices in Las Vegas are around the mid 2002 levels. Home values in Charlotte and Seattle, are about where they were in 2005.
So what is the story in Bucks County. Our market is closer to the Charlotte and Seattle model, than Phoenix. Overall, prices in most parts of Bucks County have fallen around 15% from the height of the market. Some segments of our market are performing better than others. I continue to find that the high end market, is really challenging, right now. The market for townhomes and condominiums, is perfoming much better. There are lots of first time home buyers, who are taking advantage of low interest rates, and the 8000 tax credit.
As always, price is critical in any market. If you are going to sell your house, it is more important than ever, to price your house correctly. If you have any questions about the value of your house, please feel free to contact me for a free market anlysis. I also can email you monthly, a comprehensive market study that is specific to the neighborhood in which you live. It will show you all the active listings, pending homes, and recent sold homes. It will also include how long it took for homes to sell. If you have interest in receiving that report, drop me an email.
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