Warminster, PA - The real estate market in Bucks County continues to show resilience and growth, with March statistics indicating positive trends in both pricing and activity. According to data from the Bucks County Association of REALTORS® (BCAR), the median sold price for residential properties in March reached $453,000, marking a notable increase of 0.7% compared to the previous month and a substantial 6.6% rise from March 2023.

Stephanie Garomon, President of the Bucks County Association of Realtors®, commented on the market's performance, stating, "The sustained growth in median sold prices reflects the enduring appeal of Bucks County as a desirable place to live. Despite broader economic fluctuations, our local real estate market remains robust.”

In addition to price appreciation, March also saw improvements in market activity metrics. The average days on market for units sold decreased to 30 days, representing a 1% decline from the 5-year March average. New contract activity experienced a significant uptick, with a 4.7% month-over-month increase, totaling 492 new pendings. All pendings, including contracts carried over from February, saw a notable 13% month-over-month increase, reaching 750.

Supply also increased in March, with a 7.4% rise in active units, totaling 505. This activity resulted in a Contract Ratio of 1.49 pendings per active listing, indicating a relative increase in contract activity compared to supply. While the Contract Ratio is lower than the 5-year March average, it signifies a market that is moving in the seller's favor.

Garomon further emphasized the significance of the Contract Ratio, stating, "The Contract Ratio provides valuable insights into the balance of supply and demand in our market. With a ratio that continues to favor sellers, now is an opportune time for homeowners considering listing their properties to capitalize."

Despite the challenges posed by external factors, the Bucks County real estate market continues to demonstrate strength and resilience.  As we enter the spring season, Realtors® are poised to assist and support consumers throughout the buying and selling journey. They remain dedicated to serving clients and delivering exceptional service to the community.

For more information and detailed market insights, visit the Bucks County Association of REALTORS® website at www.bucksrealtor.com.