Real Estate The Philadelphia area residential real estate market went through a period of rapid expansion from 2001 - 2005. Residential resale property sales peaked in 2005, then dollar volume declined slightly more than 10% in the 2006-2007. We are in a period of adjustment in the local real estate market.
Though our market does not have as many problems with foreclosures as other markets have, we have been affected by the slump in real estate activity in other areas.
In Bucks County, residential resale activity peaked with $2.7 billion in sales in 2005. In 2006, this fell off to slightly below $2.4 billion; and in 2007, it fell further to slightly above $2.3 billion. Even with this adjustment, the dollar volume of residential real estate that changed hands in 2007 was higher than the volume in 2001-2004.
We have a vibrant market that requires careful interpretation if you are thinking of buying or selling. Market research and understanding can help you in this process. |