April 2008 Market Update - Bucks County, PA

Real Estate Agent with Emery Federal Credit Union

April 2008 Market Data

April 2008 data for our primary markets served (Lower Makefield, Upper Makefield and Newtown Townships in Pennsylvania) showed slight increase in prices paid over the same period of 2007, even in the face of a decline in units sold.

For the four months ended April 30, 2008, average prices of sold units were up 1.07% from $508,000 to $513,000. Standing out from the pack was Lower Makefield where average price was up a whopping 16.2% to $508,000 over last year's $437,000. Units sold were down 30% to 65 from last year's 93.

Inventories were down 2% for the period, from 514 to 503 units while list prices were up 14% to $835,000 from $732,000. These listing figures are greatly skewed by Upper Makefield where the volume of properties listed is up nearly 30% from 122 to 158. Isolating Lower Makefield and Newtown Townships shows available inventory down 12% from 392 units to 345 and a slight increase in listing price of 2% from $531,000 to $542,000.

Examining the data more thoroughly it seems that there is slowdown at both the bottom and top ends with the middle ($450,000 to $800,000) still performing. The continued strength of high sales prices and low inventories in Lower Makefield warrant close examination in the coming months as this could be a sign of a coming breakout for the area.

For Bucks County, as a whole, prices were down a modest 1.4% even in the face of a 19% decline in sales. Inventories were up 7.3% and list prices are up ,2%. It is clear that, while the market has lost some of its steam from previous years, the gloom and doom presented in the national marketplace has not come to our area.

Sellers - now more than ever it is IMPERATIVE to price well, market aggressively and hire the finest, most qualified representation. In short, if you're not working with an experienced agent like me at a great agency like Coldwell Banker Hearthside, you're doing yourself a tremendous disservice. Well priced, well marketed homes are selling while others languish.

Buyers - This market will be won by well informed, well represented Buyers and Sellers. The age of the part time Realtor is over. If you have "a friend of a friend", this is NOT the time to get to know each other. I work with local Buyers and those relocating from all areas of the country. Call me today to discuss your discuss your Real Estate needs.


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Andy Raffle

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