Hazy, hot and humid would be a good way to describe the housing market around here. Wait a minute did I say HOT? Don't look now but the average price of a home in Delaware County, PA is rising?
Yep, RISING! For the fourth straight month the average sold price of a home has risen. Delaware County is bucking the trend that the media has smeared all over the headlines. Listen, I'm not saying we are out of the woods but look at the numbers. For the most part they are up.
As the national media glorifies the big slide in the real estate market our area is still trying its hardest to remain steady and prosper. Let's look at the numbers and see just what's happening...
- The number of units listed for sale is down 9.14% over the number of units listed in June '08. July '08 listings are also down about 14.2% over the number of homes listed in July 2007.
- The Average list price is also up just under 1% over June ‘08 and is up 11% over the July '07 average list price.
- The Average SOLDprice is up 3.4% over June ‘08 a nice surprise for the market and even better news is that the SOLD price this year compared to July of ‘07 is up 5.7%.
- The Average Days on Market also decreased 57 days, a 15% decrease over last months 67 days on market average and is up 13% over July 2007 days on market of 51.
So, there are less of homes on the market in Delaware County than in recent months, demanding a reasonable sale price with a higher average sale price and less days on the market. Seems to me that the market is showing some signs of stability overall in our area.
I cannot stress enough that Delaware County is not following the rest of the country. Make sure you look at the big picture to get the true residential resale market statistics; it will help in understanding what type of market we are in. Delaware County seems to be holding its ground in this topsy-turvy market, know your numbers and you will be armed with the knowledge to make the decision that is right for you!
All the best
*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties