After a very strong 2017 market, 2018 has proven to be a challenge for the real estate industry. October’s market was haunted (no pun intended) by low inventory just as we’ve seen in previous months. Keep rejoicing Sellers! The market continues to sway in your favor with higher demand. But is this trend slowing down? Will Buyers be able to take back the reins? Let’s look further into October’s market stats.
Did you miss our September Market Update? Click here to catch up!
Homes For Sale
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When you look at the market on a national scale you’ll find that Pennsylvania’s real estate market is making headlines. In fact, according to Danielle Hale, an economist at realtor.com, the Keystone State exceeds national homeownership at 69% while the rest of the United States is at 64%.
At the Pennsylvania Association of Realtors® Fall Business Meeting, Hale also addressed the fact that Chester County has the highest list price, but coming in at a close second was Bucks County. In September 2018... read more
Another great Headline Folks! For Year to Date (YTD) August 2018, Average Sold Prices for Single Family (non-Condo) homes in Bucks County was up 6.4% (to $382,000) from the prior year, a very solid number! For the eight months ending August 2018 YTD, that equates to 4,859 homes sold, again a very solid indicator of market conditions. As an indication of how positive this trend actually is: the price level is the highest since 2007, just before the recession.
What does this mean? The lower number o... read more
The defining trend of the real estate market over the past few months has been low inventory, which means there have been fewer homes on the market for sale. And while this trend is still relevant, the story for August’s market is that homes are selling much quicker. The Buyer demand is high and they continue to respond to Sellers’ higher asking prices. Let’s take a look at the breakdown of the numbers, starting with inventory:
Homes For Sale
Bucks County: -15.4%
Montgomery County: -12.6%
Lehigh ... read more
The big question on everyone’s mind when they think about the current real estate market is, “What’s next?” The past few months were marked with fewer homes for sale and higher demand, which caused Sellers to push up their asking prices. Why? Well, because they could. And Buyers were answering, too. In June, we saw that the Average Sold Price was at its highest in some of the counties in the Delaware Valley. You can see the full report here. But will that trend continue? Let’s take a l... read more