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The first six months of 2016 have been very interesting for the real estate market. Today we’re here with the latest numbers through the end of June.
For Bucks County as a whole, the number of homes on the market is down 14%, which is pretty significant considering how low inventory was at this time last year. The average asking price is up 8% year over year. However, the average sold price has been very flat; in fact, it has dropped by 1%.
Of course, that is across Bucks County. In Lower Makefield, inventory is only down by 2%. The average list price is up by 3% and the average sold price remains flat. Lower Makefield also has about 6.8 months of inventory available. If an area has six months of home inventory, it is considered a balanced market. Right now, neither buyers nor sellers have the advantage in Lower Makefield.
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Certain price points are seeing more demand than others.
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Newtown has five months of inventory, which means the market slightly favors sellers at this point. You should know that, while these stats show continued levels of high activity and reduced inventory, the activity level at certain price points can be different than what we see in the market overall.
For example, in Lower Makefield, homes priced between $600,000 and $700,000 face a lot of competition, as that price range has a lot of inventory. On the other hand, I recently listed a single-family home at $350,000. In three days we had three appointments and four offers. One of those offers was over asking price. The seller wound up going with a different offer, though - another buyer was putting 75% down, which made the seller more comfortable. As you can see, different price points are experiencing different levels of demand.
If you have any questions about the market in your area or about real estate in general, give me a call or send me an email. I would be happy to help you!
