Delaware County Pennsylvania housing trend update, or should I say downdate.

March Housing Market Update for Delaware County Pennsylvania

Consumer confidence is at an all time low. Job losses in March were the highest is years, topping 80,000. And this means is that the housing market is also feeling the lack of confidence as home buying in Delaware County Pennsylvania is feeling the crunch. Since last month Delaware County has taken a slide and home sellers may not like the stats. Here is what the TRENDMLS numbers are telling us about last month...

• The number of units listed for sale is up, just under 11% over the number of units listed in February '08. However listings are down about 13% over the number of homes listed in March 2007.
• The Average list price is down about 11% over February ‘08 and down 8.9% over March '07, a nice increase in pricing
• The Average SOLD price however is down 12.5% over February 2007 and the discouraging news is that the SOLD price from last year was down 7.6% over March '07.
• The Average Days on Market decreased to 78 days, a 2.5% decrease. However, the 78 days on market average is up 16.4% over March 2007 days on market of 67, so properties are sitting out there longer.

Until consumers gain confidence, the numbers may not be favorable for sellers. As we always proclaim the home is worth what the buyers are willing to pay. Not good news for the home sellers as they may need to have a greater amount of patience. The three big items for home owners to remember is price, location and condition. If they are all in line with the market competition you may need to sit tight and wait for the right buyer.

Happy Buying and Selling

See Ya!

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties