Post-Spring Market Update for Bucks County

The spring feeding frenzy market seems to have wrapped up here in Bucks County market, so I wanted to stop by with an update.

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We're past the frenetic pace of the early spring market here in Bucks County, but the market is still going strong.

You've probably heard of the drastic shortage of housing due to inventory being down almost 17% compared to this time last year. The number of homes pending (sold and waiting for settlement) is generally a good indication of the market's activity, and it's up about 9% county-wide compared to last year. The number of homes sales that have closed this year is also 10% higher than last year.

It's clear that market conditions favor sellers in Bucks County right now.

When you combine increased closings and pending sales with decreased inventory, you can clearly see why conditions are more favorable for sellers than buyers. A balanced market has about six months worth of inventory, and most of the markets we track show inventory levels below six months, which also indicates a seller advantage.

When looking at the market, though, you have to look at the smaller individual markets because they don't always perform the same as the county as a whole.

Lower Makefield Township is a good example of this. At the end of the first quarter, inventory was almost identical to what it was last year, but the days on market has shrunk and homes are now receiving multiple offers.

If you're looking to buy a home in this market, you need a use a strategy to help make it as strong as possible. If you have any questions about buying or selling a home here in the Bucks County area, don't hesitate to give me a call or send me an email. I'd be happy to help.