Up, Up, Up!: The Latest Housing Report for Bucks County
On the heels of a BHHS HomExpert report that saw an increase in Philadelphia home sales within the first six months of the year comes a new set of findings, this time from one of Philly’s surrounding counties: Coldwell Banker Hearthside, REALTORS have released their Market Research from TREND MLS Data in Bucks County.
The takeaways? For one thing, Bucks has seen a 3.8 percent hike in its inventory unit levels, meaning that compared to June of last year, this past June saw 169 more homes on sale. CBH REALTORS President Jaime Mancuso attributes this rise to a boost in property sales, according to a press release – emphasis ours:
“Based on the trend lines we’ve seen over the past year, we believe buyers have more choices because of the increased inventory provided by inspired sellers, who have seen that homes on the market are moving quickly in Bucks County. However, unlike what we saw in 2006 and 2007, the market remains healthy because there have not been inflated price increases.”
This brings us to the next point of conclusion gathered from the data: Bucks County has seen soars in the number of homes going under contract, with April 2015 seeing a 15.4 increase; May, 23 percent; and June, 17.9 percent. Unsurprisingly, this aligns with the national trend reported by the National Association of Realtors, which showed “the number of contracts signed to buy previously-owned homes reached its highest level in May in more than nine years.”
Meanwhile, the average price for single-family homes sold in the area “showed a tame increase of 1.4 percent in 2014.” Yet, in spite of the steady increase in prices since 2011, the majority of the buyers were able to get “6 to 7 percent negotiated reduction from the list price.” Said Mancuso on this front:
“I’m pleased to say Bucks County was never a speculative market and did not suffer from some of the significant corrections other markets were forced to make,” said Mancuso.
Below, a chart of statistics by township in Bucks County.