I'm just going to cut to the chase. The housing market in Delaware County...
- The number of units listed for sale continues to drop, down 27.8% over the number of units listed in November '08. Listings are also down 7.2% over the number of homes listed in December 2007. September had 929 homes listed for sale, December had 388 homes listed for sale- a drop of 39.4%.
- The Average list price is down just about 8.9.9% over November '08 list price and is down 20.6% over the December '07 average list price.
- The Average SOLD price is down 1.8% over November ‘08. The year over year increase in the SOLD price, this year, December ‘08 compared to December '07: the SOLD Price is down 9.6%.
- The Average Days on Market increased to 78 days, a 2.6% increase over last month's 76 days on market. December ‘08 78 days on market is up 16.4% over December 2007 66 days on market average.
- There were 5150 houses sold in Delaware County in 2008 and that is a 32% drop over the previous year.
- December 2008 - There were 3827 active residential listings in Delaware County.
It's winter and we have just started to pass the traditional winter skid. So I ask WHERE ARE ALL THE BUYERS? Mortgage rates are as low if not lower than they have been in almost 10 years and still homes continue to sit on the market? Has consumer confidence been depleted so much that homes continue to sit on the market?
This is not a comfortable economy to be in for most people and consumer confidence is nowhere near the levels of 3 years ago so what are we to do?
As a Seller you need to have patience and analyze your current financial situation ask yourself...
• Do I really need to move
• Can you lower the price to make the house more attractive to buyers
• Does my house truly compete with the others on the market
• How long can I wait to sell my house
• Do you have enough money to maintain the house and for how long
• What is the absolute lowest price I can sell my house
Tough questions to ask yourself and sometimes the answers are even tougher.
Buyers really need to take a good look at what is out there on the market and determine if it is the right time to go out and buy, I say yes. Inventory is high and demand is low at this point, so as a buyer you might as well go and test the waters and see what you can afford. Since the market traditionally heats up as we move into February and March you will have a head start and know what you can afford and what you really want.
And by the way, First time home buyers note that there are special programs offered in many of the areas in Delaware county PA that allow for special incentives once you have completed some informational sessions. Well worth the time investment since some of the programs give you as much as $5000 toward your purchase. Be sure to check on what boroughs and municipalities have to offer before you start your home search, it is worth the phone call.
Happy buying and selling ...
*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties