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Today, we’re looking at the latest Bucks County market update. There are some interesting dynamics going on in our local marketplace.
In 2015, we experienced the largest number of closed transactions since the market crashed in 2006. That’s incredible! Despite so many closings we’ve had countywide, we had 14 months of increasing inventory up until August 2015. In the past seven months, as of this past February, we’ve had seven months of reduced inventory. Clearly, there’s a lot of shifting activity going on.
We have about six months worth of inventory now. The average days on the market has decreased. We consider this a balanced market between buyers and sellers.
However, last year, appreciation throughout Bucks County was incredibly small at 1.4%. If you look at February, compared to this time last year, we’re experiencing .4% appreciation. Additionally, prices are up by 4% comparatively, but it doesn’t appear that sellers are getting the prices they’re asking for. It’s an interesting statistical analysis.
As a local Realtor, I focus on properly priced homes and selling them quickly. If homes are priced correctly, they’re selling and thriving in the marketplace. As we approach the springtime market, we’ll start to see the market conditions change.
If you’re thinking about buying or selling in the surrounding Bucks County area, give me a call or send me an email today! I’d be happy to serve your local real estate needs.
