Coldwell Banker Hearthside Reports 2017 Single Family Home Sale Prices Have Risen 5.5% And Number Of Homes Sold On Pace To Top 20 Year Record
Sharp Increase in Sales Transactions Results in Shorter Days on Market and Low Inventory Across the Region
By: Coldwell Banker Hearthside, Realtors
NEWTOWN, Pa. - Aug. 28, 2017 - PRLog -- Coldwell Banker Hearthside, REALTORS® today shared forecasting data and analysis pointing to record low inventory levels for single family residential home listings in Bucks County, countered with a record increase in sales that outpaces not only 2016, but the 20-year record high reached in 2004.
Based on a recent summary of a recent Coldwell Banker Hearthside Full Year Market Conditions Analysis, which analyzes real estate transactions and year over year data in the region, inventory continued trending down as expected (-20.0% to 3,338 homes for sale, 800 fewer than prior year), consistent with trends observed over the past two years as buyer demand has accelerated the sales pace.
"We found that in the first half of 2017, pending sales were breaking even while closings were moderately stronger, and the average sold price was also moderately positive," said Bob Williams, Broker Manager at Coldwell Banker Hearthside and real estate market analyst for the company. "Overall, June inventory was 20% lower than it was in June of 2016, but we are on pace to sell more homes in 2017 and at a higher rate of sale price than in 2016. That's pretty exciting."
Upon further analysis, Williams shared YTD trends that are reflective of that increasing pace: single family home closings moved to a solid +5.9%, and average prices for sold homes increased by 5.5% -- a continuing positive trend for several months now. And according to the data, most sellers are also hoping to purchase, so they are facing the same market constraints as other buyers.
"Simply put, we're seeing homes in Bucks County continuing to sell more quickly than the prior year, and all of the factors taken together speak to continuing buyer demand," added Williams.
What's Driving the Trends?
As demand outpaces supply, inventory shortage correlates to increase in home sales, and faster time to purchase.
Following is a full summary of home sales in the region dating back to year 2001:
Total Single Family Homes Sales in Bucks County by Year:*
"Across the region, Coldwell Banker Hearthside brokers have noted that single family home sales are happening at a higher rate of volume for two reasons: the time to sell has shortened and consumer demand is high, which is causing a rapid turnover in inventory," added Jamie Mancuso, president of Coldwell Banker Hearthside, REALTORS. "Home listing prices are on average up 10% compared to 2016, so we're on pace right now in Bucks County to have a 2017 year that will surpass not just 2016, but will now likely surpass the peak of 7,470 sold homes reached in 2004."
Do you want to know what your home is worth? Contact Coldwell Banker Hearthside Realtors today at 215-364-3900, or visit www.cbhearthside.com.
About Coldwell Banker Hearthside, REALTORS®
Coldwell Banker Hearthside, REALTORS® is a family-owned business with more than 10 offices throughout Western New Jersey and the Delaware and Lehigh Valleys in Pennsylvania, offering the most extensive real estate services in the region. Recognized as one of the top brokerages in the world, CB Hearthside provides end-to-end residential and commercial real estate solutions through essential mortgage, title, insurance, land development, and relocation services to clients in search of a trusted partner and simplified "one-stop" approach. Since its inception in 1991, CB Hearthside has been recognized as a national sales leader within the Coldwell Banker real estate industry network and was recently named as the #1 Coldwell Banker affiliate serving the state of Pennsylvania.
In praise of the company's ongoing success, CB Hearthside is continually a recipient of numerous industry and community awards, among them: the "Platinum Broker" by Cartus Corporation, the largest provider of relocation services in the United States; the 2015 "Best of Bucks" by the Bucks County Courier Times for the CB Hearthside Newtown office; and for the 10th consecutive year, the "Best of Bucks" distinction from The Intelligencer for the CB Hearthside Doylestown office. For additional information visit www.CBHearthside.com
*Note market correction in 2006/2007; Post-correction the pace dropped to a low of 4,423 units in 2011. (see 2004-2016 chart)
Since the low in 2011, we've been steadily climbing back above the 7k pace, and are now consistent with years prior to the 2006/2007 market correction.
Note to reporters: Coldwell Banker Hearthside Realtors, has 20 Bucks County Markets tracked on Market Statistics Spreadsheets (representing substantial coverage of the County).
We also have 12 "Higher Volume" Markets in Bucks County and have updated Multi-Year (2004-2016) Price Appreciation charts.
Full data reports are available to media upon request.