Market Report & Homes Sales: New Hope PA 18938 January 2014
The median sales price for homes in New Hope PA for October 13 to January 14 was $766,250. This represents an increase of 44.6%, or $236,250, compared to the prior quarter and an increase of 54.8% compared to the prior year.
Sales prices have appreciated 40.6% over the last 5 years in New Hope. The average listing price for New Hope homes for sale was $1,626,084 for the week ending January 1, which represents an increase of 1.5%, or $23,657, compared to the prior week and an increase of 1%, or $15,936, compared to the week ending December 11.
Average price per square foot for New Hope PA was $229, a decrease of 3% compared to the same period last year.
New Hope Summary
The median sales price for homes in New Hope PA for October 13 to January 14 was $766,250 based on 30 home sales. Compared to the same period one year ago, the median home sales price increased 54.8%, or $271,250, and the number of home sales decreased 33.3%.
There are currently 195 resale and new homes in New Hope including 8 open houses, as well as 36 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The average listing price for homes for sale in New Hope PA was $1,626,084 for the week ending January 1, which represents an increase of 1.5%, or $23,657, compared to the prior week.
The 2014 Forecast:
Existing-home sales are expected to retain the healthy gains seen this year, while prices will stay on an uptrend in 2014.
- Limited supplies were the biggest factor in price performance in the past year, with inventory bouncing around 13-year lows so expect inventory shortages to be felt again next spring.
- Nationally, the supply of homes for sale stands at five months' worth. (Months' supply is a measurement of how long it would take to sell everything at the current pace of sales. A market balanced between buyers and sellers has about six months' supply of homes.) The current level slightly favors sellers!
- Mortgage reform is kicking in on January 10, bringing significant changes to home loan fiancing. That may bring some changes to the market that may impact current predictions.
Source: Trend MLS and Realtor.com
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