The Bucks County Association of Realtors (BCAR) is pleased to report that the local real estate market in Bucks County continues to demonstrate remarkable strength and resilience.
In the month of October, the median sold price for residential properties reached $447,500, marking an impressive 1.7% increase compared to the previous month and a notable 3.7% increase from October 2022.
With the average days on market for properties sold in October being only 21 days, a significant 25% reduction from the 5-year October average of 28 days, it’s clear that properties are in high demand in the region.
This shorter time on the market reflects the strong interest of buyers in Bucks County properties.
“The Bucks County real estate market is showing remarkable vitality as we approach the end of the year. Despite ongoing challenges in the broader economic landscape, our local market remains resilient. The increase in median sold prices, coupled with the decreased time properties spend on the market, underscores the desirability of our region. It’s an exciting time for both buyers and sellers in Bucks County,” said Douglas Krautheim, president of the Bucks County Association of Realtors.
Additional statistics reveal a 0.4% month-over-month increase in new contract activity, with 496 new pendings recorded in October. While there was a 2.5% decrease in all pendings, including new contracts and those carried over from September, resulting in a total of 738. The inventory of active units also increased by 3.7%, with 639 active units available in the market.
These numbers culminate in a contract ratio of 1.15 pendings per active listing, down slightly from September’s 1.23 and a decrease from October 2022’s 1.19.
Despite the slight dip, this contract ratio remains robust and is only 13% lower than the 5-year October average of 1.33.
A higher contract ratio signifies a relative increase in contract activity compared to supply, indicating a seller’s market. Conversely, a lower contract ratio signifies a relative decrease in contract activity compared to supply, indicating a buyer’s market.
The Bucks County Association of Realtors continues to monitor market trends closely and provide support and guidance to real estate professionals and consumers in the region.
With its strong performance in October, the Bucks County real estate market remains a vibrant and attractive destination for those seeking to buy or sell properties.
The Bucks County Association of Realtors (BCAR) is a professional organization serving real estate professionals in Bucks County, Pennsylvania. BCAR provides resources, education, and advocacy to its members and promotes ethical standards and professionalism in the real estate industry.
Bucks County Association of Realtors is located at 1452 Old York Road in Warminster. For more information visit www.bucksrealtor.com.
Join our readers whose generous donations are making it possible for you to read our news coverage. Help keep local journalism alive and our community strong. Donate today.
