January 2012 Tri-State Real Estate Market Report

ALL REAL ESTATE MARKETS ARE LOCALIZED!

• 367 homes went under contract in January which is up 26.1% over last year.
• 274 homes actually went through with settlement. An increase of 13.2% over January 2011.
• Those 274 homes that sold totaled $88,000,000 is sales! Unfortunately that's about a 2.7% decrease over last year.
• Only 3,124 homes are currently for sale which is about a 9.1 month's supply of inventory.
• The Average Settled Price to Original Listing Price was about 90.7%. So if you listed your home for $100,000, this says you may sell it for around $90,700. All-in-all, it was a good way to start off 2012! The winter didn't slow us down as everyone usually predicts. A buyer's market generally has a 6-12 month supply of homes, so we are still within that range. However, homeowners are selling there homes! Don't believe the media when they tell you things are getting worse.

• 426 homes went under contract in January which is up 71.8% over last year.
• 296 homes actually went through with settlement. An increase of 28.7% over January 2011.
• Total volume of those homes that sold totaled $56,000,000 is sales! That's an increase of 1.1%!
• Only 2,755 homes are currently for sale which is about a 7.6 month's supply of inventory.
• The Average Settled Price to Original Listing Price was about 88.6%. So if you listed your home for $100,000, this says you may sell it for around $88,600. WOW NEW CASTLE COUNTY! Old Man Winter didn't slow us down at all! Remember, a buyer's market generally has a 6-12 month supply of homes, but a balanced market generally has 4-5 month's worth of inventory. Homeowners are selling there homes! Are we possibly heading for a balanced market once again?

I strongly urge you to take a look at the reports straight from TrendMLS (the area's Multiple Listing Service) and determine your own opinion of what the market is truly like. The numbers speak for themselves!

Please click on your County below for the detailed PDF of your market area.

Interest rates are starting to climb a little. A 30 year fixed rate is about 3.875% and a 15 year fixed rate is around 3.5%. There is a possibility of getting a lower rate with points too. Great time to buy and sell!

Chester County

Delaware County

New Castle County

Tri-State Area Year-To-Date Market Snapshot

Marketwatch Report - 2011:Q4 Report

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

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