The Latest Bucks County Real Estate Information

The latest numbers are in for Bucks County real estate. Here’s what they mean for you.

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I’m excited to share some of the latest statistics from the Bucks County real estate market. These numbers are based on what happened through the end of October. We track about 20 different individual markets throughout the county, but seeing the numbers in Bucks County as a whole is the best way to find out what’s actually going on.

We’re continuing to see low inventory. Lower than we’ve seen in years. At the same time, homes are still selling quickly. Our absorption rate is down from 6.2 months at this time last year to 5.2 months currently.

There are 13% fewer homes on the market now than there were last year. That means we currently have 3,189 homes on the market. This rise in demand has coincided with a rise in appreciation. The 5% appreciation we’ve seen in the past year is the most significant rise we’ve seen in any year since the market downturn in 2008 and 2009.

We are now in a seller’s market.

The continued market activity is driving demand and putting us in this seller’s market where homes are selling, on average, eight days faster than they did last year.

We’re continuing to see a strong market here in Bucks County. The average asking price discount of 4% is the lowest I’ve seen in quite some time. We’re also still seeing multiple offer situations from time to time. Certain homes can still sell for over asking price.

Once we get through the end of the year, we’ll have some more specific market data for you. Until then, give me a call or send me an email if you have any questions about your specific market and I’ll be able to get right back to you. I look forward to hearing from you soon.

What’s Going on in the Real Estate World of Bucks County?

The real estate world of Bucks County has been very interesting. Today, we compare the countywide market figures to some of the individual markets within the county.

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It’s an interesting year in the real estate world of Bucks County. The number of homes for sale is down 14% at the end of the third quarter compared to last year. That’s a pretty significant change in terms of how many houses there are on the market.

We’ve seen more significant price appreciation throughout the county this year than we have in any year since the real estate decline of 2007 to 2009. The average price of a house sold in Bucks County has increased 4.5%.

The other dynamic that’s interesting is that we’ve actually seen fewer homes on the market, and the number of transactions closed is actually higher—about 3.2% more homes settled. To put that in perspective, that number represents about 5,644 houses that have actually closed in the county.

The average days on market is 58 days. This is a countywide figure, and some of the individual markets within Bucks County were a little bit different.

What’s going on in Lower Makefield Township compared with the county? Well, the inventory level in the township is actually down over 24%, which is a really significant decrease in the number of houses that are on the market. The average sale price as of the end of the third quarter is up 5.8%, a little more than what we see in the countywide figure.

We’ve seen more significant price appreciation throughout the county this year than we have in any year since the real estate decline of 2007 to 2009.

The big takeaway for Lower Makefield is that there’s only 4.9 months of inventory on the market right now. We consider the market to be balanced when there are only six months of inventory, so it means it’s a seller’s market if you’re looking for a house in Lower Makefield.

The difference between the days on market for Newtown Township and the countywide figure is really pronounced. Believe it or not, the inventory is down 40% compared to this time last year. There were 112 houses on the market in Newtown last year, and this year there were 67.

There’s only a 2.9-month supply of inventory, which wouldn’t indicate that the dynamics are favoring sellers.

Another interesting dynamic in Newtown is the average sold price as of the end of the third quarter is only up about 1.2%.

The average days on market is 39 days.

For Upper Makefield, the dynamic is similar but skewed by the number of houses that are on the market for over $1 million. Inventory is down about 7%. However, there’s about a 10.7-month supply of inventory due to the number of high-priced homes there. In fact, there’s an almost 19-month backlog of inventory specifically for houses priced over a million dollars.

The takeaway is pretty similar to what we’ve seen through the year: low inventory with prices somewhat appreciating at a level we haven’t seen in awhile. It can be challenging for buyers, but anecdotally, I would say I’ve seen activity drop over the past several weeks with my listings. It will be interesting to see how that plays out statistically.

If you have questions, shoot me a text or an email. I’d be happy to speak with you.

Why Are Conditions Ripe for You to Sell Your Home This Fall?

As we enter fall, we’re in a strong seller’s market. If you decide to list your home now, I have five tips that will help it get sold quickly and for top dollar.

Buying a Bucks County area home?  Perform a full home search

Selling your Bucks County home? Get a free Home Price Evaluation

Why does it make sense for you to list your home in the fall instead of waiting until next spring?

Whether the market is favorable to buyers or sellers depends on whether there are more buyers or sellers in the market. Over the past 12 months, there’s been strong buyer demand but not enough sellers to meet that demand, which has made conditions very favorable to sellers.

If you do decide to take advantage of this opportunity and put your home on the market this fall, here are five tips that will make your home even more attractive to all those buyers out there:

1. Accentuate your home’s curb appeal. Fall is a great time to spruce up the exterior of your house and make a great first impression on buyers, so lay down some fresh mulch and trim back your bushes.
 
2. Keep your holiday displays tasteful. The approach of the holiday season makes people feel good, and that’s conducive to your home sale. That being said, make sure your holiday displays are tasteful and reasonably done.

Use these five tips to sell quickly and for top dollar.

3. Create an inviting interior living space. This is rule applies all the time, but make sure you declutter the inside of your home and make your space appear as big as possible. You also want buyers to think there is a lot of storage room in your home.
 
4. If you have a fireplace, use it. Fireplaces (especially gas ones) have a strong emotional appeal during the fall and winter
 
5. Enhance fall aromas. There’s nothing like the scent of a great fall evening, so if you can capture that scent inside your house, that’s one more strong emotional connection you can make with buyers.

If you have any questions about any of these tips, you want to know what your home is worth, or you’re thinking about selling your home, don’t hesitate to contact me. I’d be happy to help you in any way I can.