Just the Stats

Delaware County, Suburban Philadelphia, Wayne Homes

One of the most frequently asked questions is: What’s going on in the market? 

In answer to this question, I’ve prepared a quick statistical update on the current market in Delaware County PA.  Bottom line: Due to the existing political and economic climate, activity has decreased substantially, but overall the prices and market are holding up reasonably well.

First the numbers:

Delaware County Statistics as reported from the TrendMLS system:
        

 october-stats

 

Several Observations:

-Sales activity has slowed dramatically: YTD Sales down 23+%, Oct Sales down 28+%, and Oct Pending down 37+%
-Listing activity has remained fairly constant with no rise in inventories.
-Sales have dropped faster than listings so there has been an increase in the number of days on the market.
-Prices overall have drifted slightly downward, but the number above seems skewed by the change in the mix of sold homes.
-The luxury market (here noted as homes listed for greater than $1M) has dropped by over 73%.
-The low end of the market (conforming loans) has remained strongest.

In Summary:

Overall the activity in the market is down and seems to have also shifted toward the lower price ranges.  Prices at the top end are drifting down, while prices on the low end are stable or rising.  The prices are moving toward the mean.

Mortgage and credit issues remain critical to each transaction with many last minute changes coming from the lenders.  Once the mortgage and credit markets loosen a bit more, activity should begin to build across the board.

The good news: If a property is priced correctly in comparison with the recently settled homes in the area, there are motivated, well qualified buyers that have the means and will to make the offers and move today.

I will do another overall update next month.  These numbers are based on Delaware County, but if you ever need any information on a particular property or different county just west of Philadelphia, please feel free to e-mail or contact me anytime.

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3 Responses to “Just the Stats”

  1. Aaron Proctor Says:

    Blog rolled you.

    – AP
    aaronproctor.wordpress.com

  2. Time to Take the Long View « Just West of Philadelphia Says:

    […] should you do? – get ready.  As shown before, prices are generally holding up reasonably well – we just need some stability on the financial […]

  3. The Stats - What Now for Delaware County? « Just West of Philadelphia Says:

    […] a tough October and November throughout Delaware County PA, the numbers in December began to look a bit more […]

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