What a long, strange year 2020 was for nearly everyone in real estate. While Covid-19 concerns caused sales in urban markets to plateau, suburban markets in close proximity to New York and Philadelphia, including Bucks County, experienced an influx of buyers and renters. Although real-estate activities in Pennsylvania were largely shut down between mid-March and the end of May, many brokerages ended 2020 with record-setting sales volume, helped by extremely low mortgage interest rates.
As home buyers can attest, the inventory of homes for sale presents slim pickings. According to Bright MLS, the multiple-listing service used by realtors to share listing information and research home-sales activity, in December 2020 inventory in Central Bucks County stood at under two months’ supply of homes for sale. A balanced market is considered six months of inventory, so clearly the market is favoring sellers. Data from Bright MLS shows the median home-sale price in Bucks County in 2020 is $352,000, an increase of 9.7% from 2019. More locally, the median home sale price in Central Bucks County (Bedminster, Buckingham, Doylestown, Newtown, Plumstead, Solebury, Tinicum, Upper Makefield townships and Doylestown, Newtown and New Hope boroughs) in 2020 was $513,000, up from $455,000 in 2019. That’s an increase of 12.7%.
What is in store for 2021? Nationally, Lawrence Yun, Ph.D., chief economist and senior vice president of research at the National Association of Realtors, predicts about a 10% rise in the number of homes sold in 2021 but with prices moderating. He expects mortgage rates to remain at or near historic lows.
If you are considering offering your home for sale and would like guidance on the market in your area, please contact Kurfiss Sotheby’s International Realty’s New Hope office: 215.794.3227. An experienced realtor can provide specifics about home sales in your area and help guide you as you think about listing your home for sale. Professional guidance can help you decide whether to list your home, what price to offer it at and whether to make improvements before listing it.
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