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AGENT BRIEFING NOTES SINGLE FAMILY HOMES – PRINCIPAL MARKETS – LOWER/CENTRAL BUCKS COUNTY Market Facts as of SEPTEMBER YTD 2010 b _______________________________________ Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

These Notes principally relate to the September (Sep) YTD 2010 results and trends. Where helpful to better understand trends, we will also comment on the current month.

As of Sep YTD 2010, the Volume of Sold/Closed Units remained positive, though at a reduced pace, y/o/y (year over year) in a number (10 of 18) of tracked markets, and Bucks county-wide. Repeating a post-tax credit trend, the county-wide YTD growth rate while somewhat positive at 2.4% (it was 5.2% Aug YTD), was again dampened due to lower current (Sep) month closings, likely reflecting the expiring tax credit situation. A majority of tracked Markets reflected a lower month and a resulting lower YTD position. Individual Market Average Sold Price data for nine months YTD continues to form the baseline of a solid, credible trend. That said, pricing was positive in 12 of 18 tracked Markets and Bucks county-wide. Where applicable, suggest you reference our updated Multi-Year (2000-2009) Appreciation Chart as a benchmark – then link to the YTD Price movement for guidance. Total Bucks County Aug YTD Average Sold Prices were positive: ↑4.7%, while Sep YTD unit volume of 3,622 Sold Units is ↑2.4% versus prior year. As 3,622 Sold Units is a “statistically significant” number, it’s interesting to note that, at least County-wide, we still have both Unit Volume and Pricing positive y/o/y. Interestingly, YTD Bucks price momentum actually improved sequentially to Sep @ 4.7%, versus Aug @ 3.5%. Recap: while the pace of unit sales continues to moderate as we move forward in a market without tax credit stimulus, prices are not necessarily dampening.

The best “forwarding looking” indicator we have in real estate is: Pending/Pipeline Sales. Likely reflecting the expiring Tax Credit, Pending Sales for the month of Sep 2010 in Bucks County were down about 39% versus Sep 2009, and down 18% sequentially from Aug 2010. Of our tracked markets, just 3 of 18 reported higher y/o/y Pendings (all in central/upper Bucks).

Inventory of homes for sale as of Sep 2010 is up slightly sequentially from Aug 2010 County-wide as we enter the Fall Market. Compared with Sep 2009, inventory unit levels are up County-wide and mixed (9↑ - 9↓) in all 18 tracked markets. In terms of Months in Inventory only 1 of 18 tracked markets are exhibiting “near balanced” conditions: Newtown (7.0 months) – however, a number of markets reflect lower Months in Inventory y/o/y due to increased Unit Sales. Again, while most markets remain in or close to “Buyers Market” inventory territory, a number have improved (i.e., lower months in inventory) year over year. Bucks County-wide there is an 11.6 Month Inventory (up slightly from the Sep 2009 Inventory of 11.1 Months). Avg. DOM remains somewhat higher year over year in total Bucks County, while individual markets are mixed. Bottom Line: some markets are reflecting lower DOM, first time we are seeing this trend change in several years.

Avg. List prices of homes in Inventory as of Sep 2010 in all Bucks County are down -4.5% vs. Sep 2009. Our tracked markets are mirroring the down trend, with 10 of 18 displaying a downward pricing trend, the balance upward. Check individual market detail before quoting specifics for Buyers or Sellers. The shifting inventory pricing trends generally correlates to improving Unit Sales volumes. Expect these individual market inventory trends to continue as Sellers continue to adjust prices and Sales volumes react as a result.

Sold/List Ratios in most markets show continued “discounts”. N.B., we are continuing to track an emerging trend: the degree of the discount spread is narrowing (~2 % points) in several markets – need to keep an eye on this metric – expect it to continue to narrow as prices increase. Overall, most Buyers currently achieving approx ~7-8 % discount from List Price in our principal markets. Note, this “discount” is measured by TREND from the Opening List Price of the current listing contract.


Per Year Appreciation SF Homes (ex Condos) Higher Volume Markets Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from MLS data L. Makefield Twp Newtown Twp Northampton Twp Buckingham Twp Apprec Units Apprec Units Apprec Units Apprec Units 2009 Avg$ $462 $386 $389 $501 2009 -6.7% 255 -3.7% 224 -9.9% 287 -16.1% 174 2008 3.1% 251 -2.4% 231 -2.3% 278 -2.9% 204 2007 -6.4% 379 -0.1% 260 -3.3% 351 1.7% 252 2006 3.6% 355 10.9% 299 8.2% 376 5.2% 257 2005 11.6% 432 6.9% 354 8.9% 437 10.4% 329 2004 10.4% 465 12.0% 360 10.7% 457 10.6% 288 2003 11.7% 465 11.9% 344 5.5% 410 5.4% 279 2002 9.8% 427 14.5% 285 14.6% 398 15.2% 259 2001 13.5% 453 5.7% 321 15.3% 409 17.9% 239 2000 Avg$ $288 445 $229 307 $249 377 $329 279 Doylestown Twp Apprec Units 2009 Avg$ $414 2009 -8.2% 2008 -0.2% 2007 -5.9% 2006 1.8% 2005 14.9% 2004 10.2% 2003 5.8% 2002 21.2% 2001 9.1% 2000 Avg$ $266

135 114 168 178 189 198 184 182 164 175

Falls Twp Middletown Twp Apprec Units Apprec Units $232 $288 -5.9% 215 -5.3% -6.4% 202 -7.9% 2.5% 284 0.4% 1.4% 282 7.5% 13.6% 280 10.0% 20.8% 304 11.8% 12.5% 269 11.7% 13.3% 279 11.9% 7.3% 237 12.5% $135 266 $176

Bucks County Apprec Units 2009 Avg$ $329 2009 -6.8% 4812 2008 -6.7% 4806 2007 0.6% 6048 2006 4.1% 6408 2005 11.6% 7454 2004 13.1% 7470 2003 10.0% 6893 2002 15.6% 6429 2001 7.5% 6364 2000 Avg$ $209 6275

Bensalem Twp Apprec Units $257 -5.7% -2.1% -2.9% 9.5% 15.9% 11.8% 12.4% 17.9% 15.8% $132

Appreciation measured by Change in Sold Average Price year over year MLS Stats are not held beyond 2000 base year 2000 Avg$ displays Base Year Average Price for the Indicated Market 2009 Avg$ displays Average Price for the Indicated Market

323 309 347 407 427 467 406 397 366 369

Bristol Twp Apprec Units $179 -7.6% -8.4% -0.1% 5.9% 15.9% 11.3% 18.1% 13.9% 5.8% $109

501 490 561 593 738 711 629 589 601 539

319 363 398 433 506 459 446 431 446 488

Morrisville Boro Apprec Units $186 -10.9% -8.1% 1.4% 0.7% 18.6% 19.1% 9.7% 12.8% 4.9% $121

100 74 103 133 144 159 144 116 138 123


BUCKINGHAM SOLD SF HOMES (ex Condos) Source: Coldwell Banker Hearthside Realtors Market Research from TREND MLS Data

45 40 35

UNITS

30 25 20 15 10 5 0

JAN

FEB

MAR

APR

MAY

JUNE

JULY

AUG

SEP

OCT

NOV

DEC

2010

13

3

16

14

22

34

29

19

15

2009

9

5

8

13

12

17

24

22

17

16

19

11

2008

7

15

12

8

17

27

24

28

23

20

9

13

2007

10

12

16

27

21

35

29

35

21

19

11

16

2006

21

15

13

25

21

37

28

42

14

21

10

10

UNITS SOLD each MONTH


BUCKINGHAM TOWNSHIP f

SINGLE FAMILY HOMES

Market Facts as of SEPTEMBER YTD 2010 ______________ Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

Inventory of homes for sale in Sep 2010 was 249 Inventory of homes for sale in Aug 2010 was 251 Inventory of homes for sale in Sep 2009 was 250

Unit Inventory is near flat, down 0.4% year over year, And down 2 homes sequentially from Aug 2010

Avg. price of a home for sale in Sep 2010 was $738k Avg. price of a home for sale in Sep 2009 was $773k List prices of homes in inventory are down 4.5%, the avg. price stat is impacted by # of unsold homes priced $1-2 million, ~$162k difference between Avg. Sold versus Avg. Inventory Price

128 homes sold as of Sep 2009 at 91% of list price 166 homes sold as of Sep 2010 at 92% of list price Unit Sales volume is up 29.7% year over year, contrasted with Full Year 2009 Unit Sales which were down 14.7% Buyers achieving approx 8% avg. discount from List Price Summary: Inventory levels are down slightly and YTD sales volume is up noticeably. The Average Sold Price for the Full Year 2006 was up 5.2%, Full Year 2007 was a more modest 1.7% increase, Full Year 2008 Prices reflected a 2.9% decrease, Full Year 2009 reflected a 16.1% Price decrease, YTD 2010 trend indicates a 15.6% increase (likely driven by increased sales of higher priced homes). Buyers continue to achieve “discount” leverage in negotiation – though the spread is narrowing (1% point) versus last year. At current sales pace there is a 14.1 Month Supply of Homes in Inventory, a clear “Buyers Market”. Note that a Market is viewed as “Balanced” between Buyers & Sellers, with 6 Months Inventory.

What does this mean to a Seller?

There is a 14+ Month Supply of homes on the market, generally for longer periods of time, so the competition remains challenging. Average Days on Market is 102 versus 97 last year. During 2009, most (85%) of the homes sold closed at prices under $650k. Currently, 18% of the homes (45/249) on the market are priced above $1 million, this represents an 5.6 Year Supply at current sales pace (0.6/month). It is more important now than ever to price your home right and market aggressively. Be realistic and remember the current market is what determines the price of your home.


DOYLESTOWN TOWNSHIP f

SINGLE FAMILY HOMES

Market Facts as of SEPTEMBER YTD 2010 ______________ Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

Inventory of homes for sale in Sep 2010 was 134 Inventory of homes for sale in Aug 2010 was 132 Inventory of homes for sale in Sep 2009 was 116 Unit Inventory is up 15.5% year over year, And up 2 homes sequentially from Aug 2010 Avg. price of a home for sale in Sep 2010 was $536k Avg. price of a home for sale in Sep 2009 was $543k List prices of homes in inventory are down 1.2% 93 homes sold as of Sep YTD 2009 at 91% of list price 107 homes sold as of Sep YTD 2010 at 91% of list price Unit Sales volume is up 15.1% year over year, contrasted with Full Year 2009 Unit Sales which were up 18.4% Buyers achieving approx 9% avg. discount from List Price Summary: Inventory levels are up and YTD unit sales volume is quite positive. Average Sold Prices for the Full Year 2007 were down 5.9%, Full Year 2008 Average Sold Prices were near flat at a 0.2% decrease and 2009 reflected an 8.2% Price decrease, YTD 2010 trend indicates a modest 1.3% increase. Buyers continue to achieve “discount” leverage in negotiation, at a consistent spread versus last year. At current sales pace there is a 10.8 Month Supply of Homes in Inventory. Note that a Market is viewed as “Balanced” between Buyers/Sellers, with 6 Months of Homes in Inventory.

What does this mean to a Seller? There is a near 11 Month Supply of homes on the market, generally for longer periods of time, so the competition remains challenging. Average Days on Market is 96 days versus 90 last year. It is more important now than ever to price your home right and market aggressively. Be realistic and remember the current market is what determines the price of your home.


FALLS TOWNSHIP SOLD SF HOMES (ex Condos) Source: Coldwell Banker Hearthside Realtors Market Research from TREND MLS Data

40 35 30

UNITS

25 20 15 10 5 0

JAN

FEB

MAR

APR

MAY

JUNE

JULY

AUG

SEP

OCT

NOV

DEC

2010

6

10

15

28

20

37

13

11

18

2009

12

12

22

19

16

34

20

13

18

15

21

13

2008

15

13

16

18

13

24

17

25

14

21

10

16

2007

18

12

26

26

32

34

35

25

23

16

20

16

2006

15

8

27

27

27

31

35

36

20

19

20

17

UNITS SOLD each MONTH


FALLS TOWNSHIP f

SINGLE FAMILY HOMES

Market Facts as of SEPTEMBER YTD 2010 ______________ Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

Inventory of homes for sale in Sep 2010 was 137 Inventory of homes for sale in Aug 2010 was 136 Inventory of homes for sale in Sep 2009 was 96 Unit Inventory is up 42.7% year over year, And up 1 home sequentially from Aug 2010 Avg. price of a home for sale in Sep 2010 was $254k Avg. price of a home for sale in Sep 2009 was $248k List prices of homes in inventory are up 2.3% 167 homes sold as of Sep YTD 2009 at 94% of list price 158 homes sold as of Sep YTD 2010 at 94% of list price Unit Sales volume is down 5.4% year over year, versus Full Year 2009 Unit Sales which were down 6.4%, 2008 was down 28.9% Buyers achieving approx 6% avg. discount from List Price Summary: Inventory levels are up substantially and YTD sales volume is slightly negative. The Average Sold Price for the full year 2006 was a 1.4% increase, 2007 Sold pricing was a 2.5% increase, 2008 reflected a 6.4% decrease, 2009 reflected a 6% decrease, while Sep YTD 2010 reflects a 1.1% Price increase. Buyers achieving continuing “discount” leverage through negotiation. Market conditions are somewhat above “balanced” with 8.0 Months of Homes in Inventory (versus 5.4 Months last year), reflecting the higher unit inventory. Note that a Market is viewed as “Balanced” between Buyers & Sellers with ~6 Months Inventory.

What does this mean to a Seller? There is an 8 Month Supply of homes on the market, current Average Days on Market is 56 days. It is more important now than ever to price your home right and market aggressively. You may not have enjoyed the per year appreciation in 20062009 versus the double digit appreciation experienced during most of the prior 3-4 years. Be realistic and remember the current market is what determines the price of your home.


LOWER MAKEFIELD SOLD SF HOMES (ex Condos) Source: Coldwell Banker Hearthside Realtors Market Research from TREND MLS Data

60

50

UNITS

40

30

20

10

0

JAN

FEB

MAR

APR

MAY

JUNE

JULY

AUG

SEP

OCT

NOV

DEC

2010

15

11

22

27

29

57

24

38

26

2009

14

8

12

14

18

31

34

36

24

23

25

15

2008

21

12

14

18

23

39

30

31

23

19

7

14

2007

18

22

28

25

23

46

56

37

30

35

31

28

2006

30

18

25

26

30

49

40

30

31

21

17

38

UNITS SOLD each MONTH 2010

2009

2008

2007

2006


LOWER MAKEFIELD TOWNSHIP b

SINGLE FAMILY HOMES

Market Facts as of SEPTEMBER YTD 2010 ______________ Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

Inventory of homes for sale in Sep 2010 was 210 Inventory of homes for sale in Aug 2010 was 222 Inventory of homes for sale in Sep 2009 was 219 Unit Inventory is down 4.1% year over year, And down 12 homes (5.4%) sequentially from Aug 2010 Avg. price of a home for sale in Sep 2010 was $527k Avg. price of a home for sale in Sep 2009 was $507k List prices of homes in inventory up 4% 191 homes sold as of Sep YTD 2009 at 91% of list price 253 homes sold as of Sep YTD 2010 at 93% of list price Unit Sales volume is up 32.5% year over year, contrasted with Full Year 2009 Unit Sales which were up 1.6% Buyers achieving approx 7% avg. discount from List Price Summary: For trend-line reference, Full Year 07 Unit Growth was 6.5%, Full Year 08 Sales recorded a lower (-33.5%) result, Full Year 09 turned modestly positive at 1.6%, while YTD 2010 is +32.5%. Inventory is at a 7.9 Month supply of homes. The Average Sold Price for the Full Year 2006 was a modest 3.6% increase, Full Year 2007 reflected a 6.4% decrease, Full Year 2008 recorded a 3.1% increase and Full Year 09 reflected a 6.7% Price decrease, YTD 2010 trend indicates a 9.0% decrease. Buyers are achieving “discount” leverage in negotiation – though the spread is narrowing (2% points) versus last year. Market conditions are considered above “Balanced”, favoring the Buyer, with 7.9 Months of Homes in Inventory (Note: a Market is considered “balanced” with 6 Months Inventory).

What does this mean to a Seller? There is a near 8 Month Supply of homes on the market, generally, for noteworthy periods of time (Average Days on Market are now 75) so competition remains challenging. It is more important now than ever to price your home right and market aggressively. You may not have enjoyed the per year appreciation in 20062009 versus the ~10+% experienced during the prior 4-5 years. Be realistic and remember the current market is what determines the price of your home.


MARKET STATISTICS for PRINCIPAL MARKETS ($ in 1,000s) SINGLE FAMILY (ex Condos) 2010

YEAR-TO-DATE SEPTEMBER 2010 versus 2009

Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS DATA Prior Full Yr

YTD

YTD

12 Mo

Prior

Sold

Sold

Price

Avg

Full Yr

YTD

Yr over Yr % Change

INVENTORY

below

Avg Price

Avg Price

DOM Sold/List Sales $ (k)

Units

Units

Sales $ %

Units

Months

2009

Change %

2010

See Notes

2009

Unit %

Change

Avg Price

Change

2010

LMT

$462

$423

-9.0%

75

93%

$107,052

255

253

20.5%

32.5%

210

-4.1%

7.9

$527

4.0%

Morrisville

$186

$175

-3.9%

108

90%

$7,352

100

42

-42.4%

-40.0%

89

11.3%

14.8

$211

-1.3%

Newtown

$386

$381

-3.2%

49

95%

$63,550

224

167

-4.3%

-1.2%

129

-1.5%

7.0

$472

0.7%

UMT

$762

$868

9.9%

132

90%

$67,708

72

78

55.9%

41.8%

150

14.5%

18.9

$1,169

-7.5%

Solebury

$788

$625

-25.5%

118

90%

$51,899

93

83

-1.8%

31.7%

162

-4.7%

17.2

$1,348

18.9%

Buckingham

$501

$576

15.6%

102

92%

$95,564

174

166

50.0%

29.7%

249

-0.4%

14.1

$738

-4.5%

Northampton

$389

$402

1.7%

65

93%

$100,557

287

250

13.0%

11.1%

243

-5.8%

9.3

$504

-6.0%

Doylestown

$414

$415

1.3%

96

91%

$44,435

135

107

16.5%

15.1%

134

15.5%

10.8

$536

-1.2%

Bucks Cty

$329

$347

4.7%

87

92%

$1,258,607

4812

3622

7.2%

2.4%

4751

6.8%

11.6

$469

-4.5%

2009 2008 Full Yr

2009

2008

2009

LMT

$495

$465

81

91%

$88,839

251

191

219

10.3

$507

Morrisville

$209

$182

78

90%

$12,754

74

70

80

9.6

$214

Newtown

$401

$393

62

93%

$66,420

231

169

131

7.0

$469

UMT

$791

$790

111

87%

$43,424

71

55

131

21.8

$1,263

Solebury

$763

$839

127

87%

$52,859

78

63

170

21.9

$1,134

Buckingham

$597

$498

97

91%

$63,727

204

128

250

17.2

$773

Northampton

$432

$396

83

92%

$89,024

278

225

258

10.8

$536

Doylestown

$451

$410

90

91%

$38,138

114

93

116

10.3

$543

Bucks Cty

$353

$332

85

92%

$1,173,658

4806

3536

4450

11.1

$491

Absorption Methods: 2010 Uses Rolling 12 Mo Average Unit Sales 2009 Uses Full Year Sales


MARKET STATISTICS for SELECTED MARKETS in LOWER & UPPER BUCKS SINGLE FAMILY (ex Condos)

YEAR-TO-DATE SEPTEMBER 2010 versus 2009

2010

Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

($ in 1,000s) Prior Full Yr Sold Avg Price 2009

YTD

YTD

12 Mo

Sold

Price

Avg

Full Yr

YTD

Yr over Yr % Change

INVENTORY

DOM Sold/List Sales $ (k)

Units

Units

Sales $ %

Units

Avg Price

Change %

Prior

2010

2009

Unit %

Change

See notes below Months

Avg Price

Change

2010

UPPER BUCKS Plumstead

$385

$396

2.1%

106

92%

$32,505

97

82

6.0%

3.8%

140

13.8%

16.8

$647

0.2%

N Hope Boro

$456

$606

35.1%

191

91%

$14,552

23

24

62.2%

20.0%

38

-13.6%

16.9

$616

-12.5%

Doyle Boro

$357

$389

15.3%

107

92%

$17,119

72

44

3.5%

-10.2%

56

-23.3%

10.0

$619

7.3%

Bedminster

$388

$353

-9.9%

94

92%

$19,430

48

55

54.9%

71.9%

102

-15.7%

17.2

$513

-3.2%

Tinicum

$553

$476

2.9%

143

88%

$9,989

27

21

2.9%

0.0%

63

3.3%

28.0

$930

17.7%

Springfield

$400

$379

-16.9%

95

89%

$7,576

34

20

-20.9%

-4.8%

80

-4.8%

29.1

$596

-3.7%

Wrightstown

$580

$855

41.4%

109

91%

$17,097

30

20

17.8%

-16.7%

55

19.6%

25.4

$872

5.6%

Middletown

$288

$309

4.6%

80

93%

$73,475

323

238

6.8%

2.1%

258

6.6%

9.4

$342

-3.5%

L.Southamp

$267

$265

0.2%

69

92%

$23,825

133

90

-5.0%

-5.3%

124

12.7%

11.6

$301

-1.0%

Falls

$232

$238

1.1%

56

94%

$37,646

215

158

-4.4%

-5.4%

137

42.7%

8.0

$254

2.3%

Bucks Cty

$329

$347

4.7%

87

92%

$1,258,607

4812

3622

7.2%

2.4%

4751

6.8%

11.6

$469

-4.5%

2008 Full Yr

2009

LOWER BUCKS

2009 2008

2009

UPPER BUCKS Plumstead

$420

$388

93

91%

$30,661

102

79

123

15.2

$646

N Hope Boro

$620

$449

115

90%

$8,974

19

20

44

23.0

$704

Doyle Boro

$455

$337

86

89%

$16,533

71

49

73

12.2

$577

Bedminster

$436

$392

97

91%

$12,541

52

32

121

30.3

$530

Tinicum

$566

$462

187

80%

$9,706

28

21

61

27.1

$791

Springfield

$523

$456

115

89%

$9,578

29

21

84

29.6

$618

Wrightstown

$564

$605

122

89%

$14,509

21

24

46

18.4

$825

Middletown

$304

$295

74

93%

$68,772

309

233

242

9.0

$354

L.Southamp

$273

$264

78

92%

$25,086

131

95

110

9.9

$304

Falls

$247

$236

70

94%

$39,373

202

167

96

5.4

$248

Bucks Cty

$353

$332

85

92%

$1,173,658

4806

3536

4450

11.1

$491

LOWER BUCKS

Absorption Methods: 2010 Rolling 12 Mo Avg Units 2009 Uses Full Year Sales


MIDDLETOWN TOWNSHIP SOLD SF HOMES (ex Condos) Source: Coldwell Banker Hearthside Realtors Market Research from TREND MLS Data

60

50

UNITS

40

30

20

10

0

JAN

FEB

MAR

APR

MAY

JUNE

JULY

AUG

SEP

OCT

NOV

DEC

2010

12

15

32

35

32

34

24

25

28

2009

12

13

18

23

21

36

42

38

27

28

40

21

2008

20

18

23

34

17

34

44

29

26

30

23

10

2007

21

30

28

28

27

52

37

37

23

24

22

17

2006

22

25

35

29

38

42

51

46

25

36

30

27

UNITS SOLD each MONTH


MIDDLETOWN TOWNSHIP SINGLE FAMILY HOMES

b

Market Facts as of SEPTEMBER YTD 2010 ______________ Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

Inventory of homes for sale in Sep 2010 was 258 Inventory of homes for sale in Aug 2010 was 247 Inventory of homes for sale in Sep 2009 was 242 Unit Inventory is up 6.6% year over year, And up 11 homes (4.5%) sequentially from Aug 2010 Avg. price of a home for sale in Sep 2010 was $342k Avg. price of a home for sale in Sep 2009 was $354k List prices of homes in inventory down 3.5% 233 homes sold as of Sep YTD 2009 at 93% of list price 238 homes sold as of Sep YTD 2010 at 93% of list price Unit Sales volume is up 2.1% year over year, versus Full Year 2009 Unit Sales which were up 4.5%, 2008 was down 11% Buyers achieving approx 7% avg. discount from List Price Summary:

Inventory is up and YTD sales volume is moderately up. The Average Sold Price for the Full Year 2006 reflected a 7.5% increase, Full Year 2007 was near flat at a 0.4% increase, 2008 reflected a decrease of 7.9%, 2009 reflected a 5.3% Price decrease, while Sep YTD reflects a 4.6% increase. Buyers achieving similar discount leverage year over year, and the Market is considered a “Buyers Market” with 9.4 Months of Homes in Inventory. Note that Market conditions are considered “Balanced” with 6 Months of Homes in Inventory.

What does this mean to a Seller? There is a 9+ Month Supply of homes on the market, generally for longer periods of time, so the competition remains challenging. Average Days on Market is 80 versus 74 days last year. It is more important now than ever to price your home right and market aggressively. You may not have enjoyed the per year appreciation in 20062009 versus the double-digit appreciation experienced during the prior 3-4 years. Be realistic and remember the current market is what determines the price of your home.


b

MORRISVILLE BORO SINGLE FAMILY HOMES

Market Facts as of SEPTEMBER YTD 2010 _____________

Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

Inventory of homes for sale in Sep 2010 was 89 Inventory of homes for sale in Aug 2010 was 97 Inventory of homes for sale in Sep 2009 was 80 Unit Inventory is up 11.3% year over year, And down 8 homes (8.2%) sequentially from Aug 2010 Avg. price of a home for sale in Sep 2010 was $211k Avg. price of a home for sale in Sep 2009 was $214k List prices of homes in inventory near flat, down 1.3% 70 homes sold as of Sep YTD 2009 at 90% of list price 42 homes sold as of Sep YTD 2010 at 90% of list price Unit Sales volume is down 40% year over year, contrasted with Full Year 2009 Unit Sales which were up 35.1% Buyers achieved approx 10% avg. discount from List Price Summary: Inventory levels are up and YTD sales volume is noticeably down. For trend reference: the Average Sold Price for 2007 was a modest 1.3% increase, 2008 Sold Average Prices reflected a 9.3% decrease, with 2009 reflecting a 10.9% Price decrease, YTD 2010 trend indicates a 3.9% decrease. Buyers are achieving “discount” leverage in negotiation – at a consistent spread with last year. The Market remains a “Buyers Market”, with 14.8 months of Homes in Inventory. Note that a Market is viewed as “Balanced” with approx 6 Months Inventory.

What does this mean to a Seller? There is a near 15 Month Supply of homes on the market, generally for longer periods of time (Average Days on Market is 108 versus 78 last year), so the competition remains challenging. It is more important now than ever to price your home right and market aggressively. Be realistic and remember the current market is what determines the price of your home.


NEWTOWN TOWNSHIP f

SINGLE FAMILY HOMES

Market Facts as of SEPTEMBER YTD 2010 ______________ Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

Inventory of homes for sale in Sep 2010 was 129 Inventory of homes for sale in Aug 2010 was 137 Inventory of homes for sale in Sep 2009 was 131 Unit Inventory is near flat, down 1.5% year over year, And down 8 homes (6%) sequentially from Aug 2010 Avg. price of a home for sale in Sep 2010 was $472k Avg. price of a home for sale in Sep 2009 was $469k List prices of homes in inventory are near flat, up 0.7% 169 homes sold as of Sep YTD 2009 at 93% of list price 167 homes sold as of Sep YTD 2010 at 95% of list price Unit Sales volume is near flat, down 1.2% year over year, contrasted with Full Year 2009 Unit Sales which were down 3% Buyers achieving approx 5% avg. discount from List Price Summary: Inventory levels are slightly down as is sales volume. The Average Sold Price for the full year 2006 was a 10.9% increase, 2007 pricing was near flat at -0.1%, Full year 2008 Average Sold Prices reflected a 2.4% decrease and 2009 reflected a 3.7% Price decrease, YTD 2010 trend indicates a 3.2% decrease. Buyers still achieving “discount” leverage in negotiation – though the spread is narrowing (2% points) versus last year. Market conditions are near balanced with 7.0 Months of Homes in Inventory. Note that a Market is viewed as “Balanced” between Buyers & Sellers with ~6 Months Inventory.

What does this mean to a Seller?

There is a 7 Month Supply of homes on the market, generally taking about 49 Average Days on Market to sell, so the competitive conditions are relatively challenging. It is more important now than ever to price your home right and market aggressively. You may not have enjoyed the per year appreciation in 2007-2009 versus the ~10% experienced during most of the prior 3-4 years. Be realistic and remember the current market is what determines the price of your home.


NEWTOWN TWP SOLD SF HOMES (ex Condos) Source: Coldwell Banker Hearthside Realtors Market Research from TREND MLS Data

45 40 35

UNITS

30 25 20 15 10 5 0

JAN

FEB

MAR

APR

MAY

JUNE

JULY

AUG

SEP

OCT

NOV

DEC

2010

7

9

11

25

21

42

18

20

15

2009

7

6

13

15

17

30

29

30

21

22

19

14

2008

13

17

21

13

28

34

31

21

13

19

7

10

2007

11

16

22

14

31

37

27

36

16

17

19

13

2006

28

17

25

30

32

28

25

28

21

22

28

15

UNITS SOLD each MONTH 2010

2009

2008

2007

2006


NORTHAMPTON SOLD SF HOMES (ex Condos) Source: Coldwell Banker Hearthside Realtors Market Research from TREND MLS Data

60

50

UNITS

40

30

20

10

0

JAN

FEB

MAR

APR

MAY

JUNE

JULY

AUG

SEP

OCT

NOV

DEC

2010

15

21

22

25

28

49

26

31

29

2009

13

6

12

20

27

36

48

35

28

19

29

13

2008

14

16

14

15

28

40

29

31

26

22

18

22

2007

17

15

31

26

38

55

42

43

21

24

19

20

2006

23

21

25

24

48

45

47

41

25

26

27

22

UNITS SOLD each MONTH 2010

2009

2008

2007

2006


NORTHAMPTON TOWNSHIP SINGLE FAMILY HOMES

b

Market Facts as of SEPTEMBER YTD 2010 ______________ Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

Inventory of homes for sale in Sep 2010 was 243 Inventory of homes for sale in Aug 2010 was 261 Inventory of homes for sale in Sep 2009 was 258 Unit Inventory is down 5.8% year over year, And down 18 homes (7.4%) sequentially from Aug 2010 Avg. price of a home for sale in Sep 2010 was $504k Avg. price of a home for sale in Sep 2009 was $536k List prices of homes in inventory are down 6.0% 225 homes sold as of Sep YTD 2009 at 92% of list price 250 homes sold as of Sep YTD 2010 at 93% of list price Unit Sales volume is up 11.1% year over year, contrasted with Full Year 2009 Unit Sales which were up 3.2% Buyers achieving approx 7% avg. discount from List Price Summary:

Inventory is up and YTD unit sales volume is moderately up. The Average Sold Price for the Full Year 2006 was up a reasonable 8.4%, Full Year 2007 reflected a decrease of 3.3%, 2008 Sold Average Prices recorded a 2.3% decrease, while 2009 Prices reflected a 9.9% decrease, YTD 2010 trend indicates a 1.7% increase. Buyers are continuing to achieve discount leverage in negotiation – though the spread is narrowing (1% points) versus last year. The Market is still considered a “Buyers Market” with 9.3 Months of Homes in Inventory. Note, that Market conditions are considered “Balanced” with 6 Months of Homes in Inventory.

What does this mean to a Seller? There is a 9+ Month Supply of homes on the market, generally for long periods of time, so the competition remains challenging. Average Days on Market is 65 days. It is more important now than ever to price your home right and market aggressively. Be realistic and remember the current market is what determines the price of your home.


SOLEBURY TOWNSHIP SINGLE FAMILY HOMES SINb

Market Facts as of SEPTEMBER YTD 2010 __________________________________________________________________________________________________________________ Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

Inventory of homes for sale in Sep 2010 was 162 Inventory of homes for sale in Aug 2010 was 174 Inventory of homes for sale in Sep 2009 was 170 Inventory is down 4.7% year over year, And down 12 homes (7%) sequentially from Aug 2010 Avg. price of a home for sale in Sep 2010 - $1.35 million Avg. price of a home for sale in Sep 2009 - $1.13 million List prices in inventory are up 18.9%, the avg. price stat is impacted by # of homes priced in $1-5 million, review specific property CMA for pricing direction & Median/Average Prices

63 homes sold as of Sep YTD 2009 at 87% of list price 83 homes sold as of Sep YTD 2010 at 90% of list price Unit Sales volume up 31.7% year over year, contrasted with Full Year 2009 Unit Sales which were up 19.2% Buyers achieving approx 10% discount from List Price

Summary:

Inventory levels are up slightly and YTD Unit Sales are up substantially. At current Sales pace, there is a 17.2 Month Supply of Homes in Inventory. Buyers continue to achieve significant discount leverage in negotiation – though the spread is narrowing (3% points) versus last year. Market is viewed as a clear “Buyers Market”. Note that a Market is viewed as “Balanced” with 6 Months of Homes in Inventory.

What does this mean to a seller? There is a substantial inventory of homes on the market (particularly in $1-3 million range), generally for longer periods of time, so the competition is challenging. Average Days on Market is 118 (all price levels). During 2009, most (83%) of the homes sold closed at prices under $999k. Currently, 37.7% of the homes (61 of 162) on the market are priced above $1 million, and this represents a 61 Month Supply at current sales pace (1.0 per month). It is more important now than ever to price your home right and market aggressively. You may not have enjoyed the positive per year appreciation in 2007, 2008, 2009 that was experienced during the past few years. Be realistic and remember the current market is what determines the price of your home.


UPPER MAKEFIELD TOWNSHIP SINGLE FAMILY HOMES b

Market Facts as of SEPTEMBER YTD 2010 Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

Inventory of homes for sale in Sep 2010 was 150 Inventory of homes for sale in Aug 2010 was 146 Inventory of homes for sale in Sep 2009 was 131 Inventory is up 14.5% year over year, And up 4 homes sequentially from Aug 2010 Avg. price of a home for sale in Sep 2010 - $1.17 million Avg. price of a home for sale in Sep 2009 - $1.26 million List prices in inventory are down 7.5%, the avg. price stat is driven by # of homes priced in $1-3+ million, review specific property CMA for pricing direction & check Median/Average Prices

55 homes sold as of Sep YTD 2009 at 87% of list price 78 homes sold as of Sep YTD 2010 at 90% of list price Unit Sales volume is up 41.8% year over year, contrasted with Full Year 2009 Unit Sales which were up 1.4% Buyers achieving approx 10% discount from List Price Summary:

Inventory levels are up and YTD Unit Sales are up noticeably. Notably, at current Sales pace there is an 18.9 Month Supply of Homes in Inventory, versus 21.8 Months last year. Buyers are still achieving “discount” leverage in negotiation – though the spread is narrowing (3% points) versus last year. Market is viewed as a clear “Buyers Market”. Note that a Market is viewed as “Balanced” with 6 Months of Inventory.

What does this mean to a seller?

There is a substantial inventory of homes on the market (particularly in $1-3 million range), generally for longer periods of time, so the competition is challenging. Average Days on Market is 132 (all price levels). During 2009, most (82%) of the homes sold closed at prices under $999k. Currently, 45.3% of the homes (68 of 150) on the market are priced above $1 million, and this represents a 34 Month Supply at current sales pace (2.0 per month). It is more important now than ever to price your home right and market aggressively. You may not have enjoyed the positive per year appreciation in 2007/2008 that was experienced during the past few years. Be realistic and remember the current market is what determines the price of your home.


Bob's Market Update September 2010