Wednesday, January 23, 2013 / by Martin Millner
When the Real Estate market crashed in 2005-2006, new home construction ground to a halt. This occurred all over the country, not just here in Bucks County.
This drag on the Real Estate market and the economy has turned a corner. Growth in this sector is the latest sign that the housing market is gaining strength. In 2012, builders started work on 780,000 new homes – a 28.1% increase from 2011.
A bonus in the recovery of the market is in the jobs market. More new home building equals construction jobs.
For the economy to recover, the housing market needs to recover. Housing starts, along with low mortgage rates, shrinking inventory in the housing resale market are critical to recovery and a step out of the nation’s financial crisis.
In Bucks County, there are currently 39 developments that are building new homes, with prices ranging from the mid $200’s up to $2.4 million. All of this new construction provides more inventory to choose from and is adding jobs to the local economy.
As the chart below shows (for Doylestown), inventory of all homes is down, and prices are going up. It is a perfect time for new home builders to get in the market and bring the inventory numbers up, while still providing affordable homes. The ratio of inventory to price is consistent throughout Bucks County.
If you are looking to purchase Real Estate in Yardley, Newtown or Doylestown, please visitour Featured Homes section for wonderful properties or search the Multiple Listing Service for all available listings. We’ll help you find your perfect home.