Listed below are some relevant housing statistics for Bucks County residents:
AVG. SALE PRICE JANUARY - JUNE 2010: $325,173
AVG. SALE PRICE JANUARY - JUNE 2011: $316,157 (-3%)
PENDING HOME SALES JANUARY - JUNE 2010: 3,013
PENDING HOME SALES JANUARY - JUNE 2011: 2,575 (-17%)
AVG. DAYS ON MARKET JANUARY - JUNE 2010: 86
AVG. DAYS ON MARKET JANUARY - JUNE 2011: 105 (+22%)
# OF LISTINGS TAKEN JANUARY - JUNE 2010: 5,978
# OF LISTINGS TAKEN JANUARY - JUNE 2011: 5,528 (-8%)
What these stats tell us is that we are still obviously in a strong Buyers market, but there are a few positive signs to take from this. The average sale price for the 1st half of 2011 compared to the 1st half of 2010 is down 3%. Although that's not good news it does appear that the days of double digit drops in home prices may be gone and we are hopefully around the bottom of the housing market. The Pending transactions are down quite a bit (17%), but I think last years tax credit which expired April 30th 2010 artificially inflated the market to cause some of this drop. Pending transactions reflect the date an agreement was reached between a seller and buyer as opposed to the sold date which is usually 45-60 days later. Pending transactions are actually up 24% May/June 2011 vs May/June 2010. The Days a home is on the market has also risen but this is largely a reflection of the need for sellers to recognize the importance of competitive pricing. As an exagerated example, if your home's market value is approximately $200,000 and you price it at $100,000, the days on market would probably be around 1, even in a tough sellers market. Conversely, if you price the same home at $300,000, the days on market would likely be several years. My point is that pricing affects days on market as much as anything. Finally, the # of listings taken are down 8% which is a good thing because this trend will eventually lead to a more balanced market resulting in higher prices in a shorter period of time.
If you live in Bucks County or surrounding areas and are interested in learning more about the market conditions in in your community, please contact Dan Falco with Assist 2 Sell Buyers and Sellers Advantage or visit my website (BucksFlatFee.com). Assist 2 Sell is the largest full service discount Real Estate Company in North America.
Statistics were taken from TREND MLS.
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