Lower Makefield Home Sales Through 7/30/12

The number of homes sold in Lower Makefield Township in 2012 has significantly increased as compared to the number sold during the same time period in 2011. 

Check out this chart to see the monthly and yearly changes in home sales in Lower Makefield Township.

Pricing Homes For Sale in Bucks County

Sometimes I feel like the Grinch that stole Christmas. It's especially true when I have to tell home sellers that their home is not worth nearly as much as they thought it was.

I'm a homeowner, myself, who bought in 2007 so I feel the sting.  Most people who purchased homes in Bucks County since 2004 are not going to break even if they sell soon.  Sellers who have spent money on expensive upgrades that are not generally appealing to sellers may also be in the hole.

Last week I met with a nice home owner who had built his home and has lived in it for over forty years.  There were some expensive features in his home, but it was in a flood plain and had flooded in the past.  With so many houses to choose from, I was pretty sure his property would not sell easily.  When I told him 
what I thought the market value was, he responded. "Honey, if you think I would sell it for that you are crazy."  While I felt bad for him and could see many positives in his home, I think he was viewing his home through rose colored glasses.  Consequently,  I referred him to a home appraiser so he could seek a comprehensive evaluation of his home

We in Bucks County are more fortunate than homeowners in many parts of the country.   On average, home sale prices here have decreased about 21% off their highs; whereas, homes in many areas of the country have had a 50% decrease in value. The fact is, homes were never worth what they were selling for in 2006.  This isn't much of a consolation to homeowners that will be selling their homes at a loss, but they need to be realistic about market facts if they really want to sell. Now that the boom is over, homes should be viewed as domiciles, rather than as a key element of retirement plans.

The good news is that homes in Bucks County are selling if they are priced correctly and marketed aggressively.

Newtown Township, Bucks County, Home Sales Statistics

Newtown Township Home Sales Statistics through November 30, 2011 are now in.  Here are facts in a nutshell for single family home sales:

·      The number of homes on the market increased 2.5% in the past year from 122 in November, 2010 to 125 in November, 2011.

·      The average price of homes for sale decreased 10.6% from $458,000 in November, 2010 to $410,000 in November, 2011.

·      The number of homes sold during the first eleven months of 2011 decreased 18.8% from 191 in 2010 to 155 in 2011. 

·      The average sold price to original listing price was 93% during the past year.

Comparing current data with Newtown Township Home Sales Statistics for prior years, it's  apparent we are still in a buyer's market.

	2011	2010	2009	2008	2007
JAN	13	7	7	13	11
FEB	5	9	6	17	16
MAR	11	11	13	21	22
APR	10	25	15	13	14
MAY	15	21	17	28	31
JUNE	23	42	30	34	37
JULY	24	18	29	31	27
AUG	14	19	30	21	36
SEPT	15	15	21	13	16
OCT	8	15	22	19	17
NOV	16	9	19	7	19
DEC		11	14	10	13

Source:  Coldwell Banker Hearthside Realtors market research based on Trend MLS Data

New home construction is still taking place in Newtown Township, and new homes are generally  priced above the average sale price of resale homes in the township.  When one or more new homes sell, the average home sales data can be distorted by the higher prices; so, in Newtown, the trend from year to year is more relevant than the data for any given month or year.

Homeowners wishing to sell their homes should understand current market conditions and not expect to sell their homes for prices of homes that sold in their neighborhoods at the peak of the housing bubble. Most buyers will not make an offer on a home they feel is significantly overpriced; so homes that are realistically priced have a better chance of selling.

Buyers now have the opportunity to purchase homes at attractive prices and at record low mortgage interest rates. No one can totally predict the market, but for people planning to stay in the same area for several years, it may be a good time to buy.

Lower Makefield Township Home Sales Statistics

Lower Makefield Township Home Sales Statistics through November 30, 2011 are now in.  Here are facts in a nutshell for single family home sales:

·         The number of homes on the market increased 5.2% in the past year from 194 in November, 2010 to 204 in November, 2011.

·         The average price of homes for sale decreased 2.2% from $499,000 in November, 2010 to $489,000 in November, 2011.

·         The number of homes sold during the the first eleven months of 2011 decreased 10.3% from 291 in 2010 to 261 in 2011. 

·         The average sold price to original listing price percentage was 93% for the first eleven months of 2011 and 92% for the first eleven months of 2011.

The statistics indicate we are in a buyer's market as compared to Lower Makefield Home Sales Statistics for prior years.

	2011	2010	2009	2008	2007
JAN	15	16	14	21	18
FEB	13	11	8	12	22
MAR	22	23	12	14	28
APR	16	28	14	18	25
MAY	23	29	18	23	23
JUNE	38	57	31	39	46
JULY	26	24	34	30	56
AUG	31	39	36	31	37
SEPT	36	26	24	23	30
OCT	15	16	24	19	35
NOV	24	22	25	7	31
DEC		14	15	14	28

 Source:  Coldwell Banker Hearthside Realtors Market Research and TRend MLS Data

  Homeowners wishing to sell their homes should understand current market conditions and not expect to sell their homes for prices that homes sold in their neighborhoods at the peak of the housing bubble. For buyers, home prices and interest rates make homes quite affordable compared  to prior years.