2010 In Review

  Well, 2010 is in the rear view mirror. This past year was again a tough one filled with many ups and downs. But, there were some bright spots which I will cover later. I saw my share of low appraisals, financing adversity, and deals that fell through. I also saw 30 yr. interest rates drop to almost 4% this past fall. For the majority of the year rates held in and around 4.5% until they spiked up to almost 5% just before the holidays. Fortunately, they have settled in right now at about 4.75% and it sounds like that's where they will remain at least for the time being.
  I also saw buyers get good deals and I saw sellers who were realistic with their price get their house sold in a reasonable period of time. The interesting thing is that although in 2010 there were fewer single family residential properties(excludes condos) sold in both Bucks and Montgomery Counties than in 2009, the average settled price in both counties increased. The average median settled price also increased.
  I know the job market is tough out there right now, but I think throughout this year we will see more hiring in our local area. In spite of that, there are many people who can afford to buy or are on the verge of being able to afford to buy, and yet they are paralyzed by the negative news reports and the neigh sayers. We have not seen affordability at this level in many, many years. Opportunity is definately knocking, and yet my fear is that alot of buyers will wait until the rest of the crowd is moving and then they will follow. By the time the news media starts releasing positive stories about the housing market, the opportunity that exists right now will most likely be gone.
  For those of you out there struggling to find work, I pray that you will find something soon. For those of you out there who have jobs and were thinking of buying a house sometime in the next couple of years, now is the right time.
  I have included below just a snapshot of market information to help you better understand our local market. The information below is for 2010 compared to 2009. Source: TREND multiple listing service.

Bucks County, PA (2010)
Settled Single Family (excludes condos)                       4,548  (-5.82%)

Avg. Settled Price                                                    $343,000   (+4.26%)

Median Settled Price                                               $295,000    (+3.87%)

Avg. Sold Price/Original List Price                           92.35%    (+0.08%)

Montgomery County, PA (2010)
Settled Single Family (excludes condos)                      6,401  (-6.77%)

Avg. Settled Price                                                   $327,000  (+5.83%)

Median Settled Price                                               $270,000  (+3.85%)

Avg. Sold Price/Original List Price                           92.34%   (-0.32%)

To see all my listings in the Bucks-Mont area, visit: http://www.patgarisrealtor.com/