The housing market in Delaware County...
• The number of units listed for sale took a step upward 9% over the number of units listed in March '09 but is still down 19% over the number of homes listed in April 2008.
• The Average list price is up about 18.5% over March 2009 list price and is up 11% over March of 2008 average list price.
• The Average SOLD price is down 3.5% over March 2009. The year over year increase in the SOLD price, this year, April 2009 compared to April 2008: the SOLD Price is down 11%.
• The Average Days on Market increased to 99 days, a 2% increase over last month's 97 days on market average.
• April showed 352 homes sold in Delaware County over the 332 homes sold in March 2009.
Experts still predict that it is going to get worse before it gets better but I have to slightly disagree when it comes to Delaware County. Yes, the real estate market is still struggling and people find their way around a tighter budget but Delco still has a lot to offer the Greater Philadelphia area and will continue to slightly fluctuate on its roller coaster. The numbers on average list price rising will not be realized in the sold prices for the next few months. But let's face it, if the sales numbers were predictable there would be a whole lot more people in the real estate business. So we sit here and analyze the market the best we can using our numbers, year over year and month to month to track the trend. And right now it looks a lot like the Pocono mountains, with many peaks and valley's.
First time home buyers should forge ahead and buy an affordable home. Work within your budget, there is no need to over extend yourself, isn't that what has played a huge part in this economic downturn? Be reasonable and make sure you are in a good comfortable position now so that you are not house poor in 6 months. Use the first time buyers credit to your advantage and be on the lookout for a slight change, where you may actually be able to apply that credit to your purchase sooner than waiting for the tax refund.
*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties