First-Quarter Prices Rose But Home Inventory Fell Dramatically

First-Quarter Prices Rose But Home Inventory Fell Dramatically

Local Home Prices Rise

Bucks, Montgomery, and Chester Counties all saw a rise in average home sale prices during the first quarter of 2020 compared with the first quarter of 2019, according to the Industry Watch report from the multiple listing system (BrightMLS). Montgomery County’s rise was the most significant:

  • Montgomery County     13.0%
  • Bucks County     4.4%
  • Chester County     4.4%
Local Home Inventory Falls Significantly

The Industry Watch report also shows a large drop in the number of homes for sale in these counties, reflecting COVID-19’s negative effect on the volume of homes coming onto the market during part of March. The number of homes for sale in the first quarter of 2020 dropped by the following percentages compared with the first quarter of 2019:

  • Bucks County     - 48.8%
  • Montgomery County     - 45.1%
  • Chester County     -37.9%
What Does the Future Hold?

It remains to be seen whether pent-up demand from buyers will result in similar increases in home prices once the governor’s stay-at-home order is lifted. We don’t yet know whether job losses due to the shutdown may reduce demand and result in smaller price increases or even price declines, but the hope is that the housing market will rebound.

Statistics from BrightMLS.

Read more of Annette’s real estate articles for the latest real estate advice.

If you’re planning to buy or sell a home, contact Annette Nelson at (610) 247-7892 or annette@preferredhomes.com

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