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There are thousands of homes listed for sale in Bucks County. In the most sought-after zip codes, the listing prices go well over $1 million dollars, yet the median listing price for the entire county was a modest $267,250 in January 2016, which is about the same as one year ago.
Where are the Great Deals?
For a buyer’s market to exist there are usually plenty of homes for sale in a particular area. Realtors call this “excessive inventory.” When these conditions occur, sellers have a tendency to lower listing prices and entertain lower offers than they would otherwise. The five towns in Bucks County with the most home listings in January 2016 were Doylestown (480), Langhorne (384), Levittown (652), Lower Makefield/Morrisville (354), and Quakertown (357).
Median Listing Days
Another indicator of a buyer’s market is if homes stay listed for longer periods, before a sale. An active area (seller’s market) shows median listing periods of around 60 days. When the median listing days exceed 90, this may indicate a buyer’s market in that area.
Here are the median listing days, reported by Movoto, for the five towns with the most homes for sale in Bucks County:
Doylestown – January 2016 was 133 days. One month prior was 206 days. One year ago was 110 days.
Langhorne – This was 291 days during January 2016. One month before was 196. A year ago, this was only 93 days.
Levittown – Properties were on the market in January 2016 for 213 days. In December2015, 196 days and a year prior was a respectable 82 days.
Lower Makefield/Morrisville – During January 2016, the median listing days were 213. The month before was 193 days and one year prior was only 84 days.
Quakertown – This is now 224 days, a month before 207, and the past year was 98 days.
Median Listing Price Historical Trends
When the median listing price is lower than it has been in the past, this indicates a possibility for bargain shopping.
Doylestown – Doylestown is the county seat and a great place to raise a family. Over the past five years, the lowest median listing price was $209,000 during October 2011. It reached the highest price for the past five years of $549,000 at the beginning of February 2016.
Langhorne – Langhorne is a charming historical town dating back to the 17th century. The lowest median listing price for the past five years occurred during January 2013 at $213,000. The median listing price in January 2016 hit the all-time high for the past five years of $365,000, dropping to $329,500 by February 1, 2016.
Levittown – Levittown was the largest planned community in America with over seventeen thousand single-family homes. During the 1950s, a single developer built this town as a new vision of suburbia. Over the past five years, the highest median listing price occurred during April 2013 at $209,000. Since then, the median listing price went down to $185,000 in December 2015. On February 1, 2016, it was $194,000.
Lower Makefield/Morrisville – With low crime rates and easy transit options to both Philadelphia and New York City, Lower Makefield and Morrisville offer a number of advantages, especially to young families. During the past five years, the lowest median listing price occurred during January 2013 at $169,000. In August 2015, the median listing price was only $185,500. The median listing price in January 2016 hit the all-time high for the past five years of $389,000.
Quakertown – This town was an original settlement of the Quakers. During the past five years, the median listing price peaked during May 2014 at $279,900. The lowest median listing price occurred during November 2015 at $155,000. The median listing price has rebounded since then to $250,000, which is in the normal range for the past five years.
Happy house hunting!