Monthly Local Real Estate Market Update - February 2018

2/6/2018

Monthly Local Real Estate Market Update - February 2018

The 2017 Market Stats are out! Inventory remained low in 2017. Yet, we saw a slight pickup compared to 2016. The real estate market this winter has been brisk. Nice homes are selling faster than ever that are priced right and positioned properly. Most people think that spring is the best time to sell and that just simply is not true in our current market. There is low inventory and the buyers are out there. Many of The Swain Team’s listings are getting multiple offers on them. If you’re thinking about selling now is the time to call The Swain Team so we can net you the most! Remember we will sell your home for more money, in the least amount of time for the least amount of hassle.

Let’s take a look at the 2017 Stats for the area:

In Bucks County, the median sales price rose 6.4% in 2017 compared to the previous year. The number of homes sold in 2017 increased, yet inventory decreased.

Bucks County

In Philadelphia, the median sales price rose 8.8% in 2017 compared to the previous year. The number of homes sold in 2017 increased, yet inventory decreased.

Philadelphia County

In Montgomery County, the median sales price rose 3.9% in 2017 compared to the previous year. The number of homes sold in 2017 increased, yet inventory decreased.

Montgomery County

NJ is still experiencing a higher volume of foreclosures.

In Mercer County, NJ the median sales price rose 2.6% in 2017 compared to the previous year when we removed foreclosure sales. The number of homes sold in 2017 increased, yet inventory decreased.

Mercer County

In Burlington County, NJ the median sales price rose 2.4% in 2017 compared to the previous year when we removed foreclosure sales. The number of homes sold in 2017 increased, yet inventory decreased.

Burlington County

In conclusion, the housing market in our area is strong. Inventory is low, yet we are seeing more sales indicating that a switch in the market could occur in the future.

Be on the lookout! We have more upcoming Home Selling Seminars. As always be on the lookout for next month’s market update. If you hear of a friend or family member looking to buy or sell, remember to tell them about The Swain Team.