June 2008 - Market Data

June 2008 data for our primary markets served (Lower Makefield, Upper Makefield and Newtown Townships in Pennsylvania) showed a somewhat mixed bag with our area still outperforming the national market as portrayed by reports in the national news.

Taken as a whole, average sale price for the six months in the three markets are down just over 5% versus 2007 with Lower Makefield (plus 3.5%) still performing above the midline, even after a downturn in the month of June. Upper Makefield (down 8.5%) and Newtown Township (down 6.5%) are in negative territory, largely due to the number of homes in upper price levels that are affected by tightened availability of Jumbo financing.

Units sold YTD are down 17% in the three markets with all three markets showing slower year to date sales.

Inventories of homes available for sale are up a minimal 4% or 20 units. Lower Makefield again shows a drastic decrease in the number of homes available for sale with a 19.5% (45 unit) decrease in homes available for sale. Lower Makefield still merits close attention as the decrease in the number of homes for sale is nearly identical to the decrease in the number of homes sold and prices are UP 3.5%. It is certainly a fair interpretation to say that homes not offered for sale cannot be sold but, homes sold versus homes offered for sale are consistent with 2007 and prices are up slightly at 3.5%. it is my beleif that this is largely impacted by The New York/Princeton commutability of Lower Makefield along with the top range of sales prices trending lower than the other two markets, resulting is less call for difficult to obtain Jumbo Financing. Newtown and Upper Makefield will be greatly affected by financing availability as buyers of homes in the ultra high price ranges almost need to be "cash buyers" at this point.


Average prices of homes for sale are up in all three markets. Average increase in asking price in all three markets is 11%.

In neighboring Northampton Township, we're seeing a relatively flat year over year price change of -1.1%. Of concern in Northampton is the large decrease (30.2%) in units sold and rising (+14.1%) inventory levels.

For Bucks County, as a whole, prices were down a modest 4% even in the face of a 21% decline in sales. Inventories are up 5% and list prices are up .6%. It is clear that, while the market has lost some of it's steam from previous years, the gloom and doom presented in the national marketplace has not come to our area.


Sellers - now more than ever it is IMPERATIVE to price well, market aggressively and hire the finest, most qualified representation. We are seeing multiple offers on well priced homes in this market while other, less sharply priced homes, languish and stay on the market for months. In short, if you're not working with an experienced agent like me at a great agency like Coldwell Banker Hearthside, you're doing yourself a tremendous disservice. Again, well priced, well marketed homes are selling while others languish. The days of "Passive Real Estate" are behind us, Active, agressive agents like myself are a must in this marketplace. If you have one, you become one of the beneficiaries of a changed market, if you don't you become a victim of those same changes.
Let's discuss how I can help YOU be a winner in this market!


Buyers - This market requires informed representation to helpl you determine the worth of any property you wish to explore. This not a market where oyu can simply knock 10% off the price and make an offer. We've got a mix of well priced homes being offered by sharp agents that will sell quickly at or close to asking price (In some cases more) and properties for which a 10% discount does not bring them to where the market needs them to be. This is not a market for casual or "lazy" buyers, or incompetent agents.
Let's discuss how I can you YOU be a winner in this market!

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