January 2009 Housing Statistics for Delaware County Pennsylvania

By
Real Estate Sales Representative with GoldStar Real Estate Services

The housing market in Delaware County...

  • The number of units listed for sale dropped like a cinder block through a paper bag, down 48.8% over the number of units listed in January '08. Oddly enough the units listed for sale are up 61% over the number of homes listed in December 2008.
  • The Average list price is down just over 15% over December '08 list price and is down 25.6% over the January '08 average list price.
  • The Average SOLD price is down 1.8% over December ‘08. The year over year increase in the SOLD price, this year, January ‘09 compared to January '08: the SOLD Price is down 8.9%.  
  • The Average Days on Market increased to 87 days, a 10.1% increase over last month's 79 days on market average. January ‘08 87 days on market is up 25% over January 2008 66 days on market average.
  • The adjusted home sales for 2008 - 5369 houses sold in Delaware County in 2008

The housing market continues on a wild ride and for the most part people have no idea what to do. New home buyers will continue to enter into the market and account for a good bit of the purchasing, while they may still continue to face lending issues.

Sellers who are under water, upside down or facing foreclosure will see no alternatives for a while, unless somehow some way they can negotiate with their banks to keep them a float. Cash based Investors are methodically buying homes well below market and continuing to build portfolios for the future. Good news is that some major banks have decided to put a halt on Foreclosure proceedings at least until March. Rental units are becoming harder and harder to find, so right now investors are in a great position!

- 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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