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Today I'd like to bring you a real estate market update for our area. Whether you're buying or selling, this should be a big help to you.
We're seeing 16% more houses going to closing
through July this year than what we saw last year. The
average sale price rose by 1.4% despite national claims that we would see a ton
of appreciation. Our average days on market rose by one single day, and
now sits at 78 days.
Pending sales did rise by 19.5%, which is a good sign.
However, inventory levels have been rising for 14 consecutive months. Our
current absorption rate is 8.5 months, so we're starting to see the number of
homes on the market begin to decrease.
When inventory decreases and activity climbs,
this will create a steady seller's market. However, real
estate is extremely local, so be sure to check with me before you buy or sell
in your neighborhood. Conditions can swing wildly from one street to
the next.
If you need any assistance when you're buying or selling in
Bucks County, please don't hesitate to contact me. I look forward to speaking
with you!
