submitted by Kathleen Layton, Berkshire Hathaway Home Services/Fox Roach Realtors Newtown Office
People often ask “How is the market?” A logical question, but there isn’t just one answer because markets differ so dramatically by price range and location.
For example, the Bucks County Luxury Market – homes over $1 million – has been cooling and continues to dip and accumulate more inventory than sales.
It’s a Buyer’s Market where buyers have more control over the price point due to elevated inventory levels and sluggish sales.
On the other hand, the more prevalent price ranges continue to see moderate increases in both Average and Median Sale price year-over-year.
This market favors sellers, giving them greater control over the price point.
The more average price ranges under $1 million have four main groups of buyers – Start Up, Move Up, Relocation, Downsize – all vying for homes in a low inventory/low selection arena.
Inventory (choices for buyers) continues to increase slowly, though buyer activity in this category remains very strong.
We have been inching toward a more balanced Buyer/Seller market as inventory in all price ranges increases.
I expect 2019 will see the peak of the Seller-dominated Market after strong a seven-year run!