August 2008 market Update - Bucks County, PA

August, 2008 Market Update - Bucks County, PA (edit/delete)
August 2008 - Market Data

August 2008 data for our primary markets served (Lower Makefield, Upper Makefield and Newtown Townships in Bucks County 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. Perhaps this has somethign to do with all there is to fdo in Bucks County

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.

I offer all home sellers the Coldwell Banker Seller Services Guarantee, a detailed ACTIVE marketing plan and a First American Home Warranty.
Let's discuss the ways that 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.

I offer all Buyers the highest level of representation as well as my respect and availability and also the Coildwell Banker Buyer Services Guarantee.
Let's discuss how I can help YOU be a winner in this market!

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