Tuesday, October 17, 2006
What a drop
Statistics from Trend illustrate just how the slowdown in real estate is affecting sales. Sure the days on market stat is up a bit, but that really doesn't tell the story. The more telling statistic is the number of homes sold in September 2006 compared to the number of homes sold in Septemmber of 2005.
In Bedminster, 4 were sold in 2006, 13 in 2005, a 69 percent drop. In Buckingham the numbers were 15 in 2006, 29 in 2005, a 48 percent drop. In Doylestown, it was 9, 15, 40; in Doylestown Township it was 19,19,0. Hilltown was 12, 31, 61. Perkasie was 5, 15, 66. Sellersville was 5, 11, 54; Warminster 32, 33, 3; Warrington 25, 32, 18; Horsham 23, 35, 34; Montgomery 37, 50, 26; Upper Moreland 22, 29, 24.
As you can see, many of these communities have seen a significant decrease in the number of homes sold. Not all communities had drops. Some, like Silverdale, Richlandtown and West Rockhill, had increases. We'll check next month and see if there is any improvement
In Bedminster, 4 were sold in 2006, 13 in 2005, a 69 percent drop. In Buckingham the numbers were 15 in 2006, 29 in 2005, a 48 percent drop. In Doylestown, it was 9, 15, 40; in Doylestown Township it was 19,19,0. Hilltown was 12, 31, 61. Perkasie was 5, 15, 66. Sellersville was 5, 11, 54; Warminster 32, 33, 3; Warrington 25, 32, 18; Horsham 23, 35, 34; Montgomery 37, 50, 26; Upper Moreland 22, 29, 24.
As you can see, many of these communities have seen a significant decrease in the number of homes sold. Not all communities had drops. Some, like Silverdale, Richlandtown and West Rockhill, had increases. We'll check next month and see if there is any improvement
Monday, October 09, 2006
The bridge is open
The bridge between Greenhill Road and Lumberville was reopened Friday morning, allowing access to Lumberville from New Hope without a detour. River Road is now open from New Hope to Narrows Hill Road in Bridgetown. The road is closed between Narrows Hill and Route 611. Kudos to PennDOT for getting the bridge completed ahead of schedule. It was slated to be finished next month. It has been closed since the flood in June.
Thursday, October 05, 2006
Sellers are learning
Buyers have expected good deals for months. Sellers have been slow to recognize the fact that the market has changed, that they no longer are in control and can't expect quick, top-dollar sales. I've been working with clients who are looking for a short-term rental of three months or so. I asked agents in the 15 Hearthside offices if they knew of any. The large response was surprising. A number of sellers are willing to consider such a rental, cognizant of the fact that there homes will be sitting longer. They probably figure they might as well be making some money off it. A second observation, I'm seeing a lot more price reductions and incentives from sellers. Sellers have come to the realization that the market has changed, and they are starting to react to that change. Equilibrium is getting closer.
Monday, October 02, 2006
The determining factor
In Bucks County, zoning regulations determine how big or how small the size of building lots can be. A number of factors go into the decision - density, use, etc. But one Bucks municipality is considering throwing another factor into the mix. In rural Nockamixon Township, the water beneath a plot of land could determine the size of each lot.
There is not a lot of water up there, wells are deep and sometimes water is tough to find. The township is considering tying the new minimum lot size to where the land is located and the water resources that are available. Right now, the townhship has a 2 acre minimum. But if water resources are thrown into the mix, the minimum lot size could be 5 acres, and some areas where water is scarce could see a 15 acre minimum. That's a lot of land for one house.
There is not a lot of water up there, wells are deep and sometimes water is tough to find. The township is considering tying the new minimum lot size to where the land is located and the water resources that are available. Right now, the townhship has a 2 acre minimum. But if water resources are thrown into the mix, the minimum lot size could be 5 acres, and some areas where water is scarce could see a 15 acre minimum. That's a lot of land for one house.
