Technically summer is not officially over, but in the real estate industry...This is fall and one of the hottest times of the year. It is always good to know how the market is performing and today I am going to provide you with the August Existing Homes sales numbers for New Castle County, Delaware. 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 August of 2007 we saw 1175 homes listed compared with 838 homes in August of 2008, a 28.68% decline year over year. 388 homes went pending and 465 homes settled compared to 524 homes pended and 702 homes that settled in 2007. The average sold price was 267,661 with an average of 62 days on market compared to 261,216 and 49 days on market in 2007.
The inventory in Delaware continues to climb as we have seen a net addition of 1391 units over from January to August. We have seen a combined total of 8,201 houses listed in 2008 and only 7,867 homes pended or sold. From January to August in 2007 it took a home an average of 51 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 August homes sold for an average of $275,602 compared to $296,598 in 2007. This is a 7.08% decline in home sales from January to August of 2008 compared to January to August of 2007.
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! If you are a first time homebuyer, then this might be the time to buy. For 2008, the government is offering a $7,500 tax credit for first time homebuyers and a homeowner can also write off the interest on their home loan! A home purchase can save a homeowner thousands of dollars on April 15th! Wondering what your home is worth, then give me a call for a Certified Market Analysis at 302-478-6425.
- - - - - - -
Billie Chubb
Chubb Realty Group
302-478-6425
"Born Here, Raised Here, Top Realtor Here."
Comments(0)