November Housing Statistics - Seems Like Hibernation Time.

By
Real Estate Sales Representative with GoldStar Real Estate Services

Ho Ho Ho Hum...

October was glum and November is not much better, but, housing traditionally slows down in November. With all the holidays and decorating and get together's who is out in the market, quite frankly, people who really want or have to buy. Please don't think that's great news. What I mean is that for sellers there may be less inventory of the market for the buyers to chose from which helps your chances of selling.

So what about the housing market in Delaware County...

  • The number of units listed for sale is following the winter trend, down 28.9% over the number of units listed in October '08. Listings are also down 26.8% over the number of homes listed in October 2007. September had 929 homes listed for sale, November had 496 homes listed for sale- a drop of 46.7%.
  • The Average list price is down just about 19.9% over October '08 list price and is down 3.7% over the October '07 average list price.
  • The Average SOLD price is up a blip - 0.5% over October ‘08 which is the first increase in sold price in 4 months. The year over year increase in the SOLD price, this year, November ‘08 compared to November ‘07 the SOLD Price is up a hair - 0.3%. Hey, it's still an increase. 
     
  • The Average Days on Market also decreased to 76 days finally showing a decrease after three straight increases, a 3.8% decrease over last month's 79 days on market average. November ‘08 76 days on market is up 17.2% over November 2007 63 days on market average.

It's winter, closing in on the traditional hibernation of the housing market. For those who need to sell, nerves are going to be a bit rattled but we can only price the properties at or below market value if they truly need to be moved. The competition is a plenty resulting from the lowly economic confidence and the traditional winter slow down, sellers may need to have a true gut check and figure out what is truly going to be their bottom line and price it to sell. Not always what you want to hear but the buyers are ALL looking for bargains.

- 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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David F. Joslin Jr.

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