We can now close the books on July 2008 and its now time to survey the damage. Now remember these statistics are of a very narrow period of time and should not be foreseen as a trend, it is for informative purposes only. All figures are deemed reliable, but not guaranteed and are sourced from TREND MLS.
In July 2007 we saw 1168 homes listed compared with 956 homes in July of 2008. Last month 422 homes went pending and 423 homes settled compared to 627 homes pended and 635 homes that settled in 2007. The average sold price was 268,232 with an average of 63 days on market compared to 273,255 and 47 days on market in 2007.
The inventory in Delaware continues to climb as we have seen a net addition of 937 units over from January to July. We have seen a combined total of 6,431 houses listed in 2008 and only 5,494 homes pended or sold. From January to July in 2007 it took a home an average of 49 days to sell compared to 69 days in 2008, an 18 day difference. While there is a lot of bleak news in these statistics I personally believe the most important indicator is the average sold price. In 2008 from January to July homes sold for an average of $229,972 compared to $223,596 in 2007. This is saying on average that home prices have appreciated $6,376 in the New Castle County market so far in 2008.
As I always say; Real Estate is a long term investment. Purchase a home because you fall in love with it or can see the potential of the diamond in the rough. Do not purchase a home for the quick buck; those are the people who in the end get hurt. Hang in there, Delaware continues to be one of the best performing markets in the Country!
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