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Bucks County Market Trends

By
Real Estate Agent with Coldwell Banker Hearthside

I finally saw an article in the local press, (Feb 26th) that accurately described our local market.  Here is a link to the entire article, which appeared on the front page of the Philadelphia Inquirer.

(http://www.philly.com/inquirer/real_estate/Houses_still_find_eager_buyers.html)  Basically, the article said that there are still situations in our current real estate market, where houses attract more than one buyer.  Essentially, it comes down to price.  If a house is priced appropriately, it will get shown, and it will sell.  According to the article, for all of 2007, the median price of houses sold in Bucks County, was down 0.3%, in 2007, which represents a pretty insignificant drop.  Even in terms of units, for the entire county, Bucks was off 4.4% for the previous year.  Again, if you read all of the national articles, you would presume that Bucks County is experiencing a real estate depression.  That is simply not the case.

Looking at the statistics locally, from January, some of our local markets, are actually ahead of last year.  Lower Makefield Township is up by more than 15%, and is Newtown Township.  Solebury and Buckingham Township are down.  Inventory has increased in virtually of our markets, in January, from December.  However, if you compare inventory this January, with last January, most markets are actually showing less inventory than a year ago.  Again, this varies on a township by township basis.  Sales discounts still continue to average around 5% or so, from the asking price. 

What all of the statistics mean from a local perspective, is that the market in Bucks County is nowhere nearly as weak as it is in some parts of the country.  Although it is still a buyers market, homes that are priced correctly can and do sell, and they can sell for pretty close to the asking price.  I recently had a listing in Yardley Boro, that was priced right, showed well, and sold the second day on the market, for virtually the asking price.  (http://101nmainstreet.com/)

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