2007 Year End Market Data - Bucks County, PA

2007 Year End Market Data

For the year ended 2007, our primary markets (Lower Makefield, Upper Makefield and Newtown Township, PA) remained consistent with 2006 sales figures. In the three noted markets, average sales price was up insignificantly from $521,000 to $522, 000. Sales volume was down 20 units from 2006 at 738 units versus 758 a year earlier. Inventory levels were up only slightly in those same markets with 413 units available at 12/31/2007 versus 400 units available at the previous year end - a 3.25% increase. The homes in inventory had an average list price of $894,000 versus an average of $769,000 a year earlier, a 16% increase.

In summation, our primary market has experienced a flat year, in spite of tremendous external pressures from interest rate markets and a negative national view of the Real Estate market. Homes are selling at prices that are in line to where they were a year earlier and no swelling of inventories has occurred, despite repeated warnings from the national press.

A brief note on the Bucks County Marketplace as a whole:

Units sold were down 5.2% but, prices were up .5%. The largest declines were seen at the lower end. Inventories countywide were up 3.8% with the average list price up 4.1%

For Sellers, it is more important than ever to price and market your home properly as without this information on the local market, Buyers may decide to stay home. It's a new era in the Real Estate market and competent representation is the key to success.

For Buyers, it is important to remember that while there has not been significant appreciation over the past twelve months, there are no fire sales in this market. Come prepared, know the market and make a sharp, aggressive offer and you'll stand out from the crowd. Information will allow you to make the right move at the right time.

I invite both Buyers and Sellers to call me today for additional information or discussion of the benefits of my representation.