If there's any doubt in your mind that the local real estate market has slowed, ask a seller.
“It seems like people are coming and looking, but nobody's making an offer,” said Terri Kiriakidi, who has been trying to sell her mother's Warminster house since June.
Or a real estate agent.
“I've never seen anything like this in my life,” said Herman Petrecca, a real estate agent with ReMax Associates in Warminster. “I've got a bunch of properties sitting on the market.”
Supporting these anecdotal assessments are cold, hard numbers, mined from the Multiple Listing Service used by real estate agents to track and record home sales and provided by Prudential, Fox & Roach Realtors.
Those numbers — all from the 43 municipalities of Central and Upper Bucks and Eastern Montgomery counties — show that it took 86 percent longer to sell a house in August than it did one year ago. They show that the number of homes sold in August, 521, was off 25 percent from a year ago. And they show that the local inventory of homes for sale hit an all-time high in August of 3,565, almost double December 2004's level of 1,814.
The numbers also show the area's median home-sales price hit an all-time high of $325,000 in August. But that median price was only 1.6 percent higher than the price in August 2005, one of the smallest year-over-year increases in recent memory and well below the year-over-year price increases homeowners enjoyed at the height of the boom. In May 2005, for instance, the area's median home price rose 17 percent from the previous May.
Many descriptive phrases are used to describe the area's current housing market. But all spell one word: slowdown.