Wall Street, Main Street, Milton Street who has time to worry about housing, right? Well amidst all of the headlines in our world, some good, some bad and some downright ugly, the housing market gently makes a push upward and has homeowners breathing a slight sigh of relief.
Check out the numbers...
- The number of units listed for sale is up 27% over the number of units listed in August '08. September '08 listings are also down 4.2% over the number of homes listed in September 2007.
- The Average list price is up just about 20% over August ‘08 and is up 7.8% over the September '07 average list price.
- The Average SOLDprice is down 10.1% over August ‘08 which is another rather disruptive to news to homeowners. The consolation prize comes with a nice year over year increase in the SOLD price. This year, September 08 compared to September ‘07 the SOLD Price is up 7.5%.
- The Average Days on Market also increased to 75 days, a 15% increase over last months 65 days on market average. September 08 is up 38% over September 2007 days on market average of 54.
So what's it all mean, Buy and Hold. The long term, more than one year, picture is much brighter. Average Sold prices in Delaware County are up 11.3% over Sept 2004 Sold home prices and has not decreased year over year during the same month for the last five years.
Kudos to the National Association of Realtors who has been pushing the positive housing news out nationally so both sides are heard. Our market locally is experience the same growth over the national average, 7.5% increase in home sold prices.
Over the next few monthly we will see a topsy turvy housing market as the banks get their act together, we elect a new administration to guide our nation through this and many Americans hunker down for "a long winters nap". Those who need to buy and sell will do so over the next few months and the buyers will be able to get great homes at good prices not over inflated but good fair market prices. There are some deals out there, but, you need to be willing to put alot of sweat equity into the property and good long term returns, leave the flipping to the pros as the profit margins are minimal and risky for the passive stary eyed investor.
*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties