The boom in home sales in Bucks County that began at the end of May after Pennsylvania Gov. Tom Wolf allowed real-estate activity to restart is old news. What is critical knowledge now for homeowners, and sometimes painfully clear to home buyers, is the extremely low inventory of homes for sale in Bucks County. Take a look at the third-quarter 2020 data as provided by Bright MLS, the multiple-listing service.
There were 903 homes for sale in Bucks County between July and September, down 60.8% from the 2,301 on the market in Q3 2019. As buyers will attest, many properties are going under contract within days of hitting the market. In some price categories, mainly up to $800,000 or so and sometimes above that, multiple bids are common. Homes stayed on the market an average of 36 days in Q3, down almost 17% from Q3 2019.
In the third quarter there was 1.3 months of inventory of homes for sale. Remember, six months of inventory is considered a balanced market between supply and demand. Closed sales were up 10.7%, and 2,790 homes closed in Q3 this year.
Not surprisingly, home prices are up, with the average sales price in Q3 hovering at $425,000, up 12% from the prior year; the median sales price (half of homes sold for less, half sold for more) is $369,000, up 10% from Q3 2019.
Is it time for you to list your home?
With news like this, it’s common to ask, “Is now the time to list my house?” And then the follow-up: “Where would I move?” Whether your goal is to stay local or move across state (or international) boundaries, we can help you assess your options. If you’d like to have a conversation about the housing market and a more detailed assessment of sales activity and home prices in your area, contact the Bucks County office of Kurfiss Sotheby’s International Realty: 215.794.3227. We have offices on the Main Line, in Center City and in Chestnut Hill, too, in case you’re reading this from those markets. We proudly represent properties in all price ranges.
Kurfiss Sotheby's International Realty 