David F Joslin, Jr

The housing market in Delaware County...

• The number of units listed for sale took a step upward 9% over the number of units listed in March '09 but is still down 19% over the number of homes listed in April 2008.

• The Average list price is up about 18.5% over March 2009 list price and is up 11% over March of 2008 average list price.

• The Average SOLD price is down 3.5% over March 2009. The year over year increase in the SOLD price, this year, April 2009 compared to April 2008: the SOLD Price is down 11%.

• The Average Days on Market increased to 99 days, a 2% increase over last month's 97 days on market average.

• April showed 352 homes sold in Delaware County over the 332 homes sold in March 2009.

Experts still predict that it is going to get worse before it gets better but I have to slightly disagree when it comes to Delaware County. Yes, the real estate market is still struggling and people find their way around a tighter budget but Delco still has a lot to offer the Greater Philadelphia area and will continue to slightly fluctuate on its roller coaster. The numbers on average list price rising will not be realized in the sold prices for the next few months. But let's face it, if the sales numbers were predictable there would be a whole lot more people in the real estate business. So we sit here and analyze the market the best we can using our numbers, year over year and month to month to track the trend. And right now it looks a lot like the Pocono mountains, with many peaks and valley's.

First time home buyers should forge ahead and buy an affordable home. Work within your budget, there is no need to over extend yourself, isn't that what has played a huge part in this economic downturn? Be reasonable and make sure you are in a good comfortable position now so that you are not house poor in 6 months. Use the first time buyers credit to your advantage and be on the lookout for a slight change, where you may actually be able to apply that credit to your purchase sooner than waiting for the tax refund.

- DJ

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

The housing market in Delaware County...

• The number of units listed for sale marched upward 17% over the number of units listed in February '09 but is still down 15% over the number of homes listed in March 2008.

• The Average list price is down 11% over February 2009 list price but is up 7% over the January '09 and up 3% over March of 2008 average list price.

• The Average SOLD price is down 0.5% over February 2009. The year over year increase in the SOLD price, this year, March 2009 compared to March 2008: the SOLD Price is up 2.8%.

• The Average Days on Market decreased to 97 days, a 7% decrease over last month's 105 days on market average.

• March 2009 marks the first decrease in days on market in over 7 months.

Marching Forward? Yes, the real estate market is starting to get a little warm as Spring time is upon us. Let us not look past the numbers though. Mr./Ms. Seller it is still going to take a little time to sell your home BUT if you come up with the right recipe of list price, property condition and a good location you are sure to attract a buyer with a rather healthy appetite quickly. And to our buyer friends out there it is safe to say if you are actively looking for a home, don't hesitate. The good one's always go fast as long as they have the recipe for success. Now, I‘m hungry.

- DJ

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

The housing market in Delaware County...

• The "House" saw it's shadow and woke out of a deep sleep. The number of units listed for sale peaked above ground and rose 15% over the number of units listed in January '09. Even with the rise in listings is up the units listed for sale still down 20% over the number of homes listed in February 2008.
• The Average list price is up just over 4% over February '08 list price and is up 17% over the January '08 average list price.
• The Average SOLD price is down 3% over January ‘09. The year over year increase in the SOLD price, this year, February ‘09 compared to February '08: the SOLD Price is down 8%.
• The Average Days on Market increased to 105 days, an 18% increase over last month's 87 days on market average. February ‘09 81 days on market is up 23% over February 2008 days on market average.

Heating Up? Although the numbers seem to be down the buyer activity levels are high and homes in Delco are selling. Buyers have the $8000 stimulus package tax credit on their minds and it has seemed to have positive impact thus far on activity. Buyers only have until December 1, 2009 to take advantage of the tax break unless an extension is granted.

Home Sellers its gut check time. Buyers are coming in to almost every offer situation with a seller's assist - this is a request from the buyer asking the seller to apply some of the purchase price money to pay for the buyers closing costs. Buyers are being aggressive with their offers and looking to get the best deal possible so they are ready to negotiate the sale price. Be sure to pick your bottom line, discuss your plan with your realtor and come to the understanding of what you market / neighborhood pricing is before you dig your heals in for the negotiating battle. Offers may come in low, they are offers and you can and should counter them, even if at full price, it's a start to the negotiating process.

So yes, the real estate market is starting to get a little warm as Spring time is upon us.

- DJ

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

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

I'm just going to cut to the chase. The housing market in Delaware County...

• The number of units listed for sale continues to drop, down 27.8% over the number of units listed in November '08. Listings are also down 7.2% over the number of homes listed in December 2007. September had 929 homes listed for sale, December had 388 homes listed for sale- a drop of 39.4%.
• The Average list price is down just about 8.9.9% over November '08 list price and is down 20.6% over the December '07 average list price.
• The Average SOLD price is down 1.8% over November ‘08. The year over year increase in the SOLD price, this year, December ‘08 compared to December '07: the SOLD Price is down 9.6%.
• The Average Days on Market increased to 78 days, a 2.6% increase over last month's 76 days on market. December ‘08 78 days on market is up 16.4% over December 2007 66 days on market average.
• There were 5150 houses sold in Delaware County in 2008 and that is a 32% drop over the previous year.
• December 2008 - There were 3827 active residential listings in Delaware County.

It's winter and we have just started to pass the traditional winter skid. So I ask WHERE ARE ALL THE BUYERS? Mortgage rates are as low if not lower than they have been in almost 10 years and still homes continue to sit on the market? Has consumer confidence been depleted so much that homes continue to sit on the market?

This is not a comfortable economy to be in for most people and consumer confidence is nowhere near the levels of 3 years ago so what are we to do?

As a Seller you need to have patience and analyze your current financial situation ask yourself...

• Do I really need to move

• Can you lower the price to make the house more attractive to buyers

• Does my house truly compete with the others on the market

• How long can I wait to sell my house

• Do you have enough money to maintain the house and for how long

• What is the absolute lowest price I can sell my house

Tough questions to ask yourself and sometimes the answers are even tougher.

Buyers really need to take a good look at what is out there on the market and determine if it is the right time to go out and buy, I say yes. Inventory is high and demand is low at this point, so as a buyer you might as well go and test the waters and see what you can afford. Since the market traditionally heats up as we move into February and March you will have a head start and know what you can afford and what you really want.

And by the way, First time home buyers note that there are special programs offered in many of the areas in Delaware county PA that allow for special incentives once you have completed some informational sessions. Well worth the time investment since some of the programs give you as much as $5000 toward your purchase. Be sure to check on what boroughs and municipalities have to offer before you start your home search, it is worth the phone call.

Happy buying and selling ...

- DJ

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