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All Real Estate Is Local
(What the National News Media Will Never Tell You)
Welcome to My Weblog About Bucks County Real Estate.
There are some great sources for Real Estate news available today, I read many of them. The Wall Street Journal, Inman, RealtyTrac, just to name a few. The problem is that these sites will typically deal with the housing market on a national level and offer very little in the way of information on the local housing market. I wonder, if you're thinking of selling a home in Yardley Pennsylvania are you terribly concerned with the performance of a nationwide Real Estate market that is dominated by activity in California, Florida and Las Vegas?
What I will present in this blog is relevant data on the Real Estate market in the principal markets that I serve; Lower Makefield, Upper Makefield and Newtown Townships in Pennsylvania and Bucks County Pennsylvania as a whole.
The data in this blog will be "just the facts" to steal a phrase, because I feel there is far too little of that presented to Buyers and Sellers in the market today. If you'd like more information or detail behind some of the data, just ask. I'm happy to share it. If you'd like similar data for other market areas, I'm happy to provide that as well. This is one of the services that I provide and one of the things that set me apart from the crowd in today's Real Estate marketplace.
Remember, "I'm Working For You". If there's something more that I can do to help guide you in your decision, I am more than happy to help.
Sell Your Home Quickly – Or Not At All
In most of the markets that I serve, we’ve seen “Sell Quickly or Not At All” become the rule rather than the exception. The chart below shows homes sold in days 1-30, homes sold in days 31-60 and homes sold overall this year. You’ll see that a disproportionally large percentage of homes selling in the first 30 day window and that a clear majority are selling in the first 60 days. This is true in all six markets shown on the chart in even for the entirety of Bucks County where over 56% of homes are selling within that 60 day window. Now that we know the goal, how do we get there?
My home selling philosophy is comprised of three basic principles to sell your home in the shortest period of time possible:
If it’s ugly make it pretty; if it’s dirty, make it clean; if it’s dull, make it shine. Your home must be ready to be bought from day one. No longer do we suggest that you can “offer a credit” for whatever repairs might be necessary. It is also not advisable to advertise that you will allow the buyers to pick the new color in that purple bedroom upstairs. Fix it, dress it up, make it perfect. I’ve said it before but when you are selling a home you need to prepare it as if for a first date. Buyers need to be drawn in and want to come back so save the tattered dress for a family occasion and bring out your best!
You can’t sell penny candy for two cents. My views on this subject may be very different from what you think or from what you’ve heard elsewhere but, pricing is critically important to getting a home sold. If you know what you want to sell your home for and that price is in line with the homes market value, PRICE IT THERE! I am not a proponent of pricing your home “with room for negotiation” or of setting a price with the idea that you can “always reduce the price later”. Remember, the homes that are selling and selling quickly and you want your home to be one of them – particularly as the alternative is “not at all”. Let’s think about a scenario; you price your home with a very sharp edge at the price at which it makes sense in the market and also to you financially. A buyer comes in and decides to offer you 10% below that price. You ALWAYS have the offer to say “no”. With a great agent like myself representing you and explaining our methods for reaching that price we are now in NEGOTIATIONS - and that’s a good thing. Now, let’s look at an alternative, you price the home 10% HIGHER than what we know (and everybody else knows) is the market value and we hope to get an offer. Agents look at homes to show their Buyers and they see your overpriced listing. The Agent has two hours with the Buyer and many homes to show, one of them being your overpriced house. What would you assume they will do? We then lower the price of your home to a more realistic level, Agents still assume that we’ve got an unrealistic Seller who may be difficult to work with – as opposed to one who priced their home accurately and seems motivated to sell. We can always send a Flier to all of the local Agents but, Agents receive hundreds of fliers a week. They go unread. There are two places you can list your home for sale; you can list it where it sits or you can list it where it SELLS!
Sell it like you really need to. Strike while the iron is hot, make hay while the sun shines and get your homes sold QUICKLY! Aggressive, active marketing gets homes sold in this market. Things like advertising in the newspaper, holding open houses and sending out fliers can all work to sell homes but, they are all very PASSIVE and unpredictable. Selling Real Estate is like selling any other product, it requires personal contact and a lot of it. That is why, as part of my marketing plan, I “touch” a minimum of 50-100 people EVERY DAY! I ask each of those people if they would like to BUY YOUR HOME, if they know someone who would like to or if they or someone they know would like to sell their home. I am always talking about Real Estate and, as an extension, talking about YOUR HOME. This is what gets homes sold today. I am also touching the active Agents in the area and letting them know about your property. After all, as I said above, Agents have a limited amount of time with their Buyer clients and they can’t sell your home unless they see it. I spend my time and effort getting those home sellers to show your home and to sell your home. I also actively follow up with them afterwards to get any feedback they or their clients may have and I communicate that back to you. This is what I call aggressive, active marketing and it has been an integral part of my home selling plans for many years.
I invite you to contact me to discuss how my active marketing plans can help you to sell your home quickly. I have similar resources that I use for Buyers in this market to ensure that they are able to buy the home they want at the best price possible.
Thanks for reading today. I look forward to hearing from you. Don;t forget to check out my fully interactive webpage where you can search thousands of available properties, read my informative articles, my blog posts and also local school reports. If there is something you don't see something, please ask for it.
Andy
August 2008 - Market Update
August 2008 data for our primary markets served (Lower Makefield, Upper Makefield and Newtown Townships in Pennsylvania) showed a somewhat mixed bag with our area still outperforming the national market as portrayed by reports in the national news.
Taken as a whole, average sale price for the six months in the three markets are down just under 6% versus 2007 with Lower Makefield (plus 3.3%) still performing above the midline. Lower Makefield has consistently shown increased pricing this year over last. Upper Makefield (down 18.8%) and Newtown Township (down 4.2%) are in negative territory, largely due to the number of homes in upper price levels that are affected by tightened availability of Jumbo financing.
Units sold YTD are down 20% in the three markets with all three markets showing slower year to date sales. In six of the eight markets that I track on a regular basis the gap in year over year unit sales narrowed this month. In other words, more homes were sold this August than the previous August. While this may not signal anything as a stand alone number, it does merit close attention in the coming months.
Inventories of homes available for sale are up a minimal 4% or 20 units in the three markets combined. Newtown and Lower Makefield both show a drastic decrease in the number of homes available for sale with an 18.5% (24 unit) decrease in homes available for sale in Newtown and a 10.3% (also 24 units) decrease in Lower Makefield.
In other local markets that we serve, Doylestown Township is showing year over year price growth of 4.6% even in the face of a nearly 40% decline in unit sales and a close to flat 2.7% growth in inventory. Buckingham Township shows minimal reduction of average price at .6% with another large (25%) decline in unit sales and a 9% increase in active inventory. In Northampton Township, we're seeing a relatively flat year over year price change of -.5% even in the face of a 30% decline in units sold and a 21% increase in inventory. Interesting to note is that in all three of these markets, prices and units sold were higher in August, 2008 than in the same month in 2007.
For Bucks County, as a whole, prices were down 4.7% even in the face of a 21% decline in sales. Inventories are up 3% and list prices are up 1.4%. 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. We are seeing multiple offers on well priced homes in this market while other, less sharply priced homes, languish and stay on the market for months. 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. Again, well priced, well marketed homes are selling while others languish. The days of "Passive Real Estate" are behind us, Active, aggressive agents like myself are a must in this marketplace. If you have one, you become one of the beneficiaries of a changed market; if you don't you become a victim of those same changes.
Let's discuss how I can help YOU be a winner in this market!
Buyers - This market requires informed representation to help you determine the worth of any property you wish to explore. This not a market where you can simply knock 10% off the price and make an offer. We've got a mix of well priced homes being offered by sharp agents that will sell quickly at or close to asking price (In some cases more) and properties for which a 10% discount does not bring them to where the market needs them to be. This is not a market for casual or "lazy" buyers, or incompetent agents.
Let's discuss how I can help YOU be a winner in this market!
Be sure to check out www.askAndyRaffle.com, my fully interactive website where you can search thousands of properties, read many real estate articles written by me and see many of the services that I offer.
July 2008 – Market Data
Market statistics in Lower Makefield Township, for the seven months ended July 31, 2008 show some mixed results. The average price of the 157 single family homes sold this year is up 4% from the same period last year. This is a positive number, particularly when compared to national news but, the increase has declined from +16.2% in April to +11.5% in May to +3.5% in June and the July figure of +4%, which is in line with June.
Units sold year-to-date are down 28% from the 218 units sold for the first seven months of last year. The number is tempered slightly when viewed in conjunction with an 11% increase in inventory of homes for sale. The fact that homes that are not on the market cannot be sold is difficult to dispute. We are, however, seeing a slight buildup in inventory over the last quarter – having stood at plus 21.4% (over 2007) on April 30th.
Average days on the market stands at 67, a robust number in the face of strong negative national perception, this is, however, a 10 day, or 17%, increase from the same time last year. Importantly, we’re seeing a strong divergence is results in this market. We’ve seen literally DOZENS of homes in Lower Makefield sell within 30 days (see attached article). We’re seeing other homes simply not selling. This leads me to the conclusion that you must be prepared to sell your home quickly. Or not sell it at all.
I’ve included in this issue my recent article on Selling Your Home in a Buyer’s Market. With six proven time tested strategies to get your home sold, while others wallow. If I had to boil down the six strategies into three sentences, or bullet points, they would be:
1.)Prepare your home for showing as if it were going on a first date.
2.) Price your home to sell it where the market knows it ought to be.
3.)Market your home AGRESSIVELY so that it gets picked first (that’s where I come in)
Utilizing these suggestions, along with my Six Proven Strategies, in conjunction with an understanding of the market information presented in this newsletter is the first step in assuring that you’re the most informed Seller or Buyer in this marketplace. There are a few other tips that I offer below, individually for Sellers and Buyers to assure that they are at the top of, rather than at the mercy of, the current market.
Sellers - now more than ever it is IMPERATIVE to price well, market aggressively and hire the finest, most qualified representation. We are seeing multiple offers on well priced homes in this market while other, less sharply priced homes, languish and stay on the market for months. 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. Again, well priced, well marketed homes are selling while others languish. The days of "Passive Real Estate" are behind us, Active, aggressive agents like myself are a must in this marketplace. If you have one, you become one of the beneficiaries of a changed market, if you don't you become a victim of those same changes.
Let's discuss how I can help YOU be a winner in this market!
Buyers - This market requires informed representation to help you determine the worth of any property you wish to explore. This not a market where you can simply knock 10% off the price and make an offer. We've got a mix of well priced homes being offered by sharp agents that will sell quickly at or close to asking price (In some cases more) and properties for which a 10% discount does not bring them to where the market needs them to be. This is not a market for casual or "lazy" buyers, or incompetent agents.
Let's discuss how I can help YOU be a winner in this market! If you found this newsletter helpful, you can find even more information at my fully interactive website www.askAndyRaffle.com. You will find a library articles written by me, a fully interactive search engine to search for properties, my Bucks County Real Estate Blog and much more great information. You can also sign up there for my monthly Blog and Market Updates and refer your friends so that they too can have the most up to date, in depth information on the local Real Estate market.
June 2008 Market Data
June 2008 data for our primary markets served (Lower Makefield, Upper Makefield and Newtown Townships in Pennsylvania) showed a somewhat mixed bag with our area still outperforming the national market as portrayed by reports in the national news.
Taken as a whole, average sale price for the six months in the three markets are down just over 5% versus 2007 with Lower Makefield (plus 3.5%) still performing above the midline, even after a downturn in the month of June. Upper Makefield (down 8.5%) and Newtown Township (down 6.5%) are in negative territory, largely due to the number of homes in upper price levels that are affected by tightened availability of Jumbo financing.
Units sold YTD are down 17% in the three markets with all three markets showing slower year to date sales.
Inventories of homes available for sale are up a minimal 4% or 20 units. Lower Makefield again shows a drastic decrease in the number of homes available for sale with a 19.5% (45 unit) decrease in homes available for sale. Lower Makefield still merits close attention as the decrease in the number of homes for sale is nearly identical to the decrease in the number of homes sold and prices are UP 3.5%. It is certainly a fair interpretation to say that homes not offered for sale cannot be sold but, homes sold versus homes offered for sale are consistent with 2007 and prices are up slightly at 3.5%. it is my beleif that this is largely impacted by The New York/Princeton commutability of Lower Makefield along with the top range of sales prices trending lower than the other two markets, resulting is less call for difficult to obtain Jumbo Financing. Newtown and Upper Makefield will be greatly affected by financing availability as buyers of homes in the ultra high price ranges almost need to be "cash buyers" at this point.
Average prices of homes for sale are up in all three markets. Average increase in asking price in all three markets is 11%.
In neighboring Northampton Township, we're seeing a relatively flat year over year price change of -1.1%. Of concern in Northampton is the large decrease (30.2%) in units sold and rising (+14.1%) inventory levels.
For Bucks County, as a whole, prices were down a modest 4% even in the face of a 21% decline in sales. Inventories are up 5% and list prices are up .6%. It is clear that, while the market has lost some of it's 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. We are seeing multiple offers on well priced homes in this market while other, less sharply priced homes, languish and stay on the market for months. 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. Again, well priced, well marketed homes are selling while others languish. The days of "Passive Real Estate" are behind us, Active, agressive agents like myself are a must in this marketplace. If you have one, you become one of the beneficiaries of a changed market, if you don't you become a victim of those same changes.
Let's discuss how I can help YOU be a winner in this market!
Buyers - This market requires informed representation to helpl you determine the worth of any property you wish to explore. This not a market where oyu can simply knock 10% off the price and make an offer. We've got a mix of well priced homes being offered by sharp agents that will sell quickly at or close to asking price (In some cases more) and properties for which a 10% discount does not bring them to where the market needs them to be. This is not a market for casual or "lazy" buyers, or incompetent agents.
Let's discuss how I can you YOU be a winner in this market!
Be sure to check out www.askAndyRaffle.com, my fully interactive website where you can search thousands of properties, read many real estate articles written by me and see many of the services that I offer.
A Perfect Bucks County Afternoon
July 14, 2008
If I keep talking about how much I love Bucks County are you all going to be jealous?
I sure hope so! It’s a great place to live and I’d love to help you find the home of your dreams right here in Beautiful Bucks County.
Friday was a great day. We packed a picnic and headed up to Solebury Orchards http://www.soleburyorchards.com to pick some raspberries and fresh flowers before making a stop at the Sand Castle Winery http://www.sandcastlewinery.com to see our friends Joe and Magda Maxian.
I’m not sure what it’s like in your family but, when the Raffle’s go berry picking, the baskets never seem to fill up. Chris and I set up for the wildflower patch leaving the girls to handle the berry harvest. Andrea, my oldest, was determined to bring some berries home with her but, her sisters Alicia and Acacia were far more interested in picking in what I call the “needle point fashion” (pick one, eat two). In the end, we left with a couple of quarts of raspberries and a quart of blueberries and a couple of nice bunches of wildflowers; one for home and one for Magda Maxian at Sand Castle.
We headed to Erwinna to stop by and say hello and, of course, taste some wine. At Sand Castle, their credo is the Latin phrase “In Vino Veritas” (In wine, truth) and no truer people than these can be found anywhere that I know of. Immigrants from Czechoslovakia (Joe likes to say Transylvania), Joe and Magda have 72 acres under vine and a beautiful Castle where my three daughters seem to be planning to be married (not so fast, I hope). Chris and I have been visiting Sand Castle since before we were married and, in fact, served their wine at our wedding in 1992 (pre-castle). We visited, spent some time as the children explored the vineyard, took a “bucket ride” in the tractor and looked over the river and the valley below and packed a “take out” package in the car before heading out to enjoy our picnic.
We drove down the river to Washington Crossing State Park and enjoyed a light picnic of chicken with some cheese and, of course, berries as we watched the “tubers” float down the Delaware. After some time enjoyed in the park, it was time to return home for some time on the pool deck along with some of our Sand Castle purchase.
All in all, a perfect Bucks County day and one I look forward to repeating time and time again.
Happy Independence Day!
I could not agree with Mrs. Bobmbeck more, and who am I to argue with Erma Bombeck, anyway? Even on a dreary overcast Holiday weekend, it's easy for me to count my blessings, not only for living in a great country but, also for living in a great community. I love Lower Makefield Township and I love Bucks County Pennsylvania. I'm a transplanted New Yorker, my family came to Bucks County in 1972 when I was 9 years old, and I've stayed here ever since. Brooklyn born, Bucks County offered quite a change of scenery and a new environment that took some getting used to but, after having spent the past 36 years of my life here, I have no plans on ever living anyplace else.
The good news is that unlike many people who find their paradise and then look for a way to lock the door, I'd like to help you to join me in Bucks County, preferably the Yardley/Newtown area, where I live but, all of Bucks has so much to offer that your present community might not. Where else can you be within 90 minutes of Manhattan, 30 minutes of Philadelphia and 20 minutes of Princeton all while having the local farmer as your neighbor and friend? Where else can you enjoy the beautifully meandering Delaware River and all the scenic and recreational opportunities it offers?. Where else can you enjoy art museums, theater, entertainment and nightlife or choose to just sit in your yard and watch the deer come out at sunset? Where else can you choose to live in a newly built home or the one right next door where george Washington may well have slept. Speaking of George Washington Bucks County was the staging area for the final battle at Trenton and here, in Washington Crossing, may of the buildings still stand.
My wife Chris and I have riased our three children here in Lower Makefield and we could not be happier. The Pennsbury School District is widely recognised as a terrific school system and the educational and extra-curricular offerings are unparalelled.
I invite you to spend a day in Bucks County with me. Let me show you all that our area has to offer and help you to find the house of your dreams. I'm certain that you'll be as happy as I am with this incredible area.
May 2008 Market Data
May 2008 data for our primary markets served (Lower Makefield, Upper Makefield and Newtown Townships in Pennsylvania) showed continued strength even in the face of ever increasing negative national news. Taken as a whole the three markets are down a fraction of a percent versus 2007 with Lowewr Makefield (plus 11.5%) and Upper Makefield (plus 3.5%) in positive territory while Newtown Township showes a slight decline of 3.5%. Units sold in Newtown Township are steady with 2007 figures while Lower Makefield (down 24%) and Upper Makefield (down 47%). Inventories in Lower Makefield are down 17% while Upper Makefield (+14%) and Newtown (+19%) are up.
Lower Makefield is showing partiucular strength with increased prices and decreased inventory, even in the face of slower sales. This market has been trending this wasy for the entire year and seems to be leading the way forward, particularly in the $450,000 to $800,000 range. The higher priced range seems still affected by the vastly tightened Jumbo Mortgage lending market (much of the reason for the data in newtown and, especially Upper Maakefield) - although signs of loosening have been appearing. Also of note is that the lower end of the market has very little in the way of either sales or inventory. It appears that there is a reluctance, liklely brought upon by a barrage of bad news in the press, for these "trade-up" buyers to market their homes. Our suspicion is that thi smarket will again open up causing more demand for the $450-$800 price range and adding increased stability and activity to the marketplace.
For Bucks County, as a whole, prices were down a mopdest 3.3% even in the face of a 20% decline in sales. Inventories were up 5% and list prices are up 1.5%. It is clear that, while the market has lost some of it's 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. The days of "Passive Real Estate" are behind us, Active, agressive agents like myself are a must in this marketplace. If you have one, you become one of the beneficiaries of increased prices, if you don't you become a part of the increased inventory.
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.
April 2008 data for our primary markets served (Lower Makefield, Upper Makefield and Newtown Townships in Pennsylvania) showed a 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 years $437,000. Units sold were down 30% to 65 from last years 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 figurs are gratly skewed by Upper Makefield where the volume of propertis listed is up nearly 30% from 122 to 158. Isolating Lower Makefield and Newtown Townships shows available invntory 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 mopdest 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 it's 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. Be sure to read my Seller Services Guarantee, where I put in writing what others will only speak about in vague terms.
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. Be sure to read my Buyer Services Guarantee, where I put in writing what others will only speak about in vague terms.
1st Quarter 2008 data for our primary markets served (Lower Makefield, Upper Makefield and Newtown Townships in Pennsylvania) showed a flat to slightly declining market with some abberations that we'll need to watch over the coming months.
For the three months ended March 31, 2008, average prices of sold units were down 2.4% from $495,000 to $483,000. Bucking the trend was Lower Makefield where average price was up a whopping 15.6% to $497,000 over last years $430,000. Units sold were down 21% TO 107 from last years 135.
Inventories were up 6% for the period, from 461 to 487 units while list prices were up 17% to $883,000 from $752,000. Again Lower Makefield needs watching over the next few months as inventories there are down over 20% to 181 units form 231 at the same time last year.
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 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 up 2% even in the face of a 20% decline in sales. Inventories were up 6% and list prices are up 2.5%. It is clear that, while the market has lost some of it's 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, 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.
For the year ended 2007, our primary markets (Lower Makefield, Upper Makefield and Newtown Township, PA) remained consistent with 2006 sales figures. In the three noted markets, average sales price was up insignificantly from $521,000 to $522, 000. Sales volume was down 20 units from 2006 at 738 units versus 758 a year earlier. Inventory levels were up only slightly in those same markets with 413 units available at 12/31/2007 versus 400 units available at the previous year end - a 3.25% increase. The homes in inventory had an average list price of $894,000 versus an average of $769,000 a year earlier, a 16% increase.
It's important to note that Lower Makefield showed aggressive sales growth, with units sold up 6.5% year over year. In Upper Makefield, average sales price was up over 12% versus 2006. These may be signs of a coming breakout in the area.
In summation, our primary market has experienced a flat year, in spite of tremendous external pressures from interst rate markets and a negatove national view of the Real Estate market. Homes are selling at prices that are in line to where they were a year earlier and no swelling of inventories has occurred, despite repeated warnings from the national press.
A brief note on the Bucks County Marketplace as a whole:
Units sold were down 5.2% but, prices were up .5%. The largest declines were seen at the lower end. Inventories countywide were up 3.8% with the average list price up 4.1%
For Sellers, it is more important than ever to price and market your home properly as without this information on the local market, Buyers may decide to stay home. It's a new era in the Real Estate market and competent representation is the key to success. Be sure to read my Seller Services Guarantee, where I put in writing what others will only speak about in vague terms.
For Buyers, it is important to remember that while there has not been significant appreciation over the past twelve months, there are no fire sales in this market. Come prepared, know the market and make a sharp, aggressive offer and you'll stand out from the crowd. Information will allow you to make the right move at the right time. Be sure to read my Seller Services Guarantee, where I put in writing what others will only speak about in vague terms.
I invite both Buyers and Sellers to call me today for additional information or discussion of the benefits of my representation.
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