Market Report & Homes Sales: New Hope PA 18938 for March 2014
The median sales price for homes in New Hope PA for December 13 to March 14 was $556,250. This represents a decline of 21.1%, or $148,750, compared to the prior quarter and an increase of 17.1% compared to the prior year.
Sales prices have appreciated 43.5% over the last 5 years in New Hope. The average listing price for New Hope homes for sale was $1,520,716 for the week ending March 12, which represents an increase of 1.2%, or $18,563, compared to the prior week and an increase of 3.3%, or $48,025, compared to the week ending February 19.
Average price per square foot for New Hope PA was $241, a decrease of 9.4% compared to the same period last year.
New Hope Summary
The median sales price for homes in New Hope PA for December 13 to March 14 was $556,250 based on 32 home sales. Compared to the same period one year ago, the median home sales price increased 17.1%, or $81,250, and the number of home sales decreased 13.5%.
There are currently 183 resale and new homes in New Hope including 12 open houses, as well as 35 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 $1,520,716 for the week ending March 12, which represents an increase of 1.2%, or $18,563, 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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