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It's been an interesting and busy year in Bucks County real estate! The third quarter saw 13% more homes settled than this time last year. Through the end of October, we saw 5,763 homes settled, which is 653 more homes than last year. The average sold price rose by 1.4%, and the number of days on market is almost exactly the same, at 77 days. We also saw a 7.5% increase in the number of pending home sales.
This year, Bucks County had 14 consecutive months of increasing inventory. Since August, we've seen inventory decrease by 5%. That means fewer homes on the market. Less competition means good news for sellers. Our absorption rate went from 9.1 months to 7.7 months right now. A balanced market is 6 months of inventory, and Bucks County is getting closer to a balanced market.
In the Lower Makefield township, there were 9% fewer homes on the market in October 2015 compared to October 2014. Last year, there were 225 homes on the market, and this year there were 205. That said, the pace of sales is up significantly. We have sold 355 homes through the third quarter, which is more than the 302 sold in 2014. Lower Makefield has 6 months of inventory.
In Newtown, inventory decreased 11% year to year. Sales pace is almost the same as last year, and there is a 5 month supply of inventory. In Upper Makefield, inventory is down 6% and sales are up 19.6%.
As you can see, the market changes from area to area, and even neighborhood to neighborhood. If you have any questions, give us a call or send us an email. We look forward to hearing from you!
