The housing market in Delaware County...
- The "House" saw it's shadow and woke out of a deep sleep. The number of units listed for sale peaked above ground and rose 15% over the number of units listed in January '09. Even with the rise in listings is up the units listed for sale still down 20% over the number of homes listed in February 2008.
- The Average list price is up just over 4% over February '08 list price and is up 17% over the January '08 average list price.
- The Average SOLD price is down 3% over January ‘09. The year over year increase in the SOLD price, this year, February ‘09 compared to February '08: the SOLD Price is down 8%.
- The Average Days on Market increased to 105 days, an 18% increase over last month's 87 days on market average. February ‘09 81 days on market is up 23% over February 2008 days on market average.
Heating Up? Although the numbers seem to be down the buyer activity levels are high and homes in Delco are selling. Buyers have the $8000 stimulus package tax credit on their minds and it has seemed to have positive impact thus far on activity. Buyers only have until December 1, 2009 to take advantage of the tax break unless an extension is granted.
Home Sellers its gut check time. Buyers are coming in to almost every offer situation with a seller's assist - this is a request from the buyer asking the seller to apply some of the purchase price money to pay for the buyers closing costs. Buyers are being aggressive with their offers and looking to get the best deal possible so they are ready to negotiate the sale price. Be sure to pick your bottom line, discuss your plan with your realtor and come to the understanding of what you market / neighborhood pricing is before you dig your heals in for the negotiating battle. Offers may come in low, they are offers and you can and should counter them, even if at full price, it's a start to the negotiating process.
So yes, the real estate market is starting to get a little warm as Spring time is upon us.
- DJ
*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties
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