Another month has passed and we're observing the Bucks County market from April. Thanks to Manager and Director of New Agent Education Bob Williams, who thoroughly analyzes the market each month, we can take a closer look at trends in the Bucks County Market.
There are only subtle changes compared to March 2018 and last year's April market, which is to be expected. A key, ongoing factor, however; low inventory. According to Williams, "Inventory shortages continue to be the top-of-mind driver of market action, both for Buyers and Sellers. As of April 2018, there were 2,898 single family homes for sale, that’s 15.2% fewer homes for sale versus April 2017, or 520 fewer homes on the market."
Sellers continue to raise the asking price, but homes are selling quicker - an average of 9 fewer days on the market.
Bob Williams also stated, "The Sales Pace (Homes Settled) reflects the Inventory picture as 6.4% fewer homes sold (resulting in 1,734 sold homes) April YTD 2018 versus the same period the prior year. Notably, adverse weather conditions dampened Home Selling/Buying activity early in the 2018 year, at the current pace, 2018 unit sales will likely not equal the very strong 2017 result."