by Jim V

Bucks County ranks as one of the best places to live in Pennsylvania due to its terrific schools, natural beauty and abundant culture. Stephen King filmed a scene for The Stand here and Signs, starring Mel Gibson was in shot Newton Borough and Morrisville, among other places.  It’s a terrific place to live and the shortage of real estate inventory heading into the fall lends credence to the fact that people grow deep roots in Bucks County. The good news for those few home sellers may be that the lack of inventory, among other trends, could positively affect home values. So the leaves may not be the only thing turning gold this fall.

Less Available Homes For Sale

Starting in early July, the amount of Bucks County listing started a marked decline. The number of homes listed was down by 945 units, a 24-percent drop when compared to 2015 and a 4-percent drop from the month before. If we look back to July of 2014, we see a reduction of more than 1,000 homes listed for the county for this time of year. The housing trends over the last few years have all seen a slowdown in mid-Fall. However, this year shows fewer overall available listings well ahead of the foliage changing.

Fewer New Listings

The number of homes going up for sale in July dropped from 1,062 in July, 2015, to 848 last month. That’s a 20-percent reduction and the fewest new listing at this point in the year since 2012. The Bucks County housing market, like many others in the northern states, tends to slide until it hits bottoms in January. However, the sharply dipping amount of new listing over the last few months may be a strong indicator that there will be far fewer new listings this fall than in past years. Either the fall slowdown came early or it may be a long-term trend that more people in Bucks County are staying put. Either way, it’s a sure sign that property values could be on the rise come October and beyond.

Time On The Market

Homes in Bucks County are currently selling at a faster rate than they have during the last seven years. In July, 2009, the average was more on the market for 79 days. Today, the average list time is an amazing 56 days. All this data indicates a growing demand for homes in Bucks County.

Rising Home Values

During the last year, the average sale price in Bucks County rose by $7,000. Although that number backslid from June, the $295,000 median price continues to hover near all-time highs. Also, recent home sellers are averaging 97.7 percent of their asking price, which is up modestly from last year.

How Neighboring Counties Compare

Neighboring counties are not seeing the upwardly trending housing market Bucks is enjoying. Northampton County has noted a sharp decline in inventory, 35 percent less than a year ago. However, the median sale price has backslid by 3 percent and the number of sales are 13 percent lower than a year ago. Chester County is seeing a minor decline in median sales prices but homes are moving more quickly at only 51 days on the market. The Delaware County housing market appears relatively static, but there has been a nominal dip in average sale price. Montgomery County seems slightly more on par with Bucks. Sales and inventory are lower, but the average sale price has increased by five percent to $288,000. The Philadelphia County market has enjoyed an up tick of seven percent in sales price and a truncated sales time.

Fall Predictions

Experts are forecasting a steady upward trend in home values over the course of the next year for Bucks County. Expectations are that the average home will top $300,000 by next summer. However, there is a perfect storm brewing for the fall that may exceed those expectations much sooner. If we look at the high desirability rate of people to live in Bucks County based on how quickly homes are selling and the sharply declining inventory, the law of supply and demand dictates that home sellers should be able to move that asking price upward come fall. It appears the Halloween tricks of the economy are behind Bucks County and this fall home sellers may enjoy some treats.

This Happening Homes Update is brought to you by Yardley’s Drew Ferrara with RE/MAX TOTAL. Drew Ferrara has been Ranked #1 of all Bucks County’s RE/MAX Agents for 4 years running (2011 through 2014); has earned the distinction as one of the top 25% of the top 1% of all real estate agents in Bucks County; and even ranks among the local agents representing homes with the least active days on market (Source: Trend)!

Never settle for less than TOTAL!  Call Drew at 215.369.HOME or read more about his winning Bucks County real estate formula online at www.homesinbuckspa.com.

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