It has been a while since I posted a specific, statisfical update, of the various Bucks County markets, that I server.  I am sure that everyone realizes that, if you are a seller, in the current market, the market is not very good.  Although Bucks County, still is a lot better off than many areas of the country, we are still going through a very difficult, buyers market.  That means that there are lots of houses on the market, and not many buyers.

Looking at the numbers, through October, of this year, the volume of sold units is noticeable lower than previous years, to date.  For example, Lower Makefield Township is down 28%, Upper Makefield Township is down 24%, Solebury is down 32%, Northampton is down 24%, and Buckingham is down 19%.  This should not come as a surprise to anyone.  The current pending sales, show a similar decline.

The average asking price of homes currently in inventory, as of October 08, has decreased sequentially from September of 07, in virtually all of our markets.  I would expect this trend to continue, until our sales volume increases. 

Inventory levels in October, actually decreased from September of 08, in most of our markets.  If you compare current  levels of inventory to 07, Lower Makefield is down 12%, Newtown down 30% and Buckingham down 9%.  There are some markets where inventory levels have actually increased compared with 2007.  With much lower sales volume, the change in inventory levels does not alter the basic reason for the buyers market, which is, as I mentioned earlier, that there are lots of sellers, and not so many buyers. 

I did have 2 listings that have sold in the past week or so, so there are homes selling.  What did those sellers do that enabled them to obtain an acceptable offer?  Essentially, they made sure that they did everything they could to enhance the way their house showed, and most importantly, they priced it right!  In both cases, we received offers that were within the average discount range, which is currently about 5 % or so, and they were extremely realistic and responsive in the way they negotiated.  In both cases, they will be able to move on with their lives.

Given the current market conditions, it is more important than ever, that homes be priced correctly, and marketed to as wide an audience as possible. 

If you want to see the statistical breakdown of the various markets, please click on the following link:

Bucks County Real Estate Statistics

Please keep in mind that real estate is still extremely local.  Even withihn the same township, statistics can vary from neighborhood to neighborhood.  If you are anywhere in my market area, either in Pennsylvania or New Jersey, I have a great program that will provide you with an emailed report every month, that will show you homes that are active, pending and sold, within about a 5 mile radious of your house.  The report will include days on the market, as well as pricing trend lines.  It is a great way to stay up to date with what is actually happening in your specific neighborhood.  If you would find that helpful, all I need is an address, and an email, and you will recieve the report, automatically, each month.