David F Joslin, Jr

Ho Ho Ho Hum...

October was glum and November is not much better, but, housing traditionally slows down in November. With all the holidays and decorating and get together's who is out in the market, quite frankly, people who really want or have to buy. Please don't think that's great news. What I mean is that for sellers there may be less inventory of the market for the buyers to chose from which helps your chances of selling.

So what about the housing market in Delaware County...

• The number of units listed for sale is following the winter trend, down 28.9% over the number of units listed in October '08. Listings are also down 26.8% over the number of homes listed in October 2007. September had 929 homes listed for sale, November had 496 homes listed for sale- a drop of 46.7%.
  
• The Average list price is down just about 19.9% over October '08 list price and is down 3.7% over the October '07 average list price.
  
• The Average SOLD price is up a blip - 0.5% over October ‘08 which is the first increase in sold price in 4 months. The year over year increase in the SOLD price, this year, November ‘08 compared to November ‘07 the SOLD Price is up a hair - 0.3%. Hey, it's still an increase.
  
• The Average Days on Market also decreased to 76 days finally showing a decrease after three straight increases, a 3.8% decrease over last month's 79 days on market average. November ‘08 76 days on market is up 17.2% over November 2007 63 days on market average.

It's winter, closing in on the traditional hibernation of the housing market. For those who need to sell, nerves are going to be a bit rattled but we can only price the properties at or below market value if they truly need to be moved. The competition is a plenty resulting from the lowly economic confidence and the traditional winter slow down, sellers may need to have a true gut check and figure out what is truly going to be their bottom line and price it to sell. Not always what you want to hear but the buyers are ALL looking for bargains.

- DJ

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

OK the election is over and this is the last month where we watch politician tell us how bad things are in America. Unfortunately now everyone else's voice is going to be heard on the same subject. Unemployment filings are unprecedented, foreclosures on the rise, banks are tightening lending practices and go figure gas prices have plummeted to under $2.00 in some parts of this area. Nothing seems to be very stable.

So what about the housing market in Delaware County...

• The number of units listed for sale is, are you ready for this down 26% over the number of units listed in September '08. October '08 listings are also down 31% over the number of homes listed in October 2007.
  
• The Average list price is up just about 1.7% over September ‘08 and is up 7.7% over the October '07 average list price.
  
• The Average SOLD price is down another 5.2% over September ‘08 which is the third straight month of decline. The year over year increase in the SOLD price, this year, October ‘08 compared to October ‘07 the SOLD Price is down 7.2%.
  
• The Average Days on Market also increased to 79 days for the third straight month, a 7% increase over last months 75 days on market average. October 08 is up 25.4% over October 2007 days on market average of 59.

Ouch that hurt, Enough said

- DJ

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

Wall Street, Main Street, Milton Street who has time to worry about housing, right? Well amidst all of the headlines in our world, some good, some bad and some downright ugly, the housing market gently makes a push upward and has homeowners breathing a slight sigh of relief.

Check out the numbers...

• The number of units listed for sale is up 27% over the number of units listed in August '08. September '08 listings are also down 4.2% over the number of homes listed in September 2007.
  
• The Average list price is up just about 20% over August ‘08 and is up 7.8% over the September '07 average list price.
  
• The Average SOLDprice is down 10.1% over August ‘08 which is another rather disruptive to news to homeowners. The consolation prize comes with a nice year over year increase in the SOLD price. This year, September 08 compared to September ‘07 the SOLD Price is up 7.5%.
  
• The Average Days on Market also increased to 75 days, a 15% increase over last months 65 days on market average. September 08 is up 38% over September 2007 days on market average of 54.

So what's it all mean, Buy and Hold. The long term, more than one year, picture is much brighter. Average Sold prices in Delaware County are up 11.3% over Sept 2004 Sold home prices and has not decreased year over year during the same month for the last five years.

Kudos to the National Association of Realtors who has been pushing the positive housing news out nationally so both sides are heard. Our market locally is experience the same growth over the national average, 7.5% increase in home sold prices.

Over the next few monthly we will see a topsy turvy housing market as the banks get their act together, we elect a new administration to guide our nation through this and many Americans hunker down for "a long winters nap". Those who need to buy and sell will do so over the next few months and the buyers will be able to get great homes at good prices not over inflated but good fair market prices. There are some deals out there, but, you need to be willing to put alot of sweat equity into the property and good long term returns, leave the flipping to the pros as the profit margins are minimal and risky for the passive stary eyed investor.

- DJ

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

My partners and I are proud to announce that we have opened a brand new independent real estate brokerage in Media PA. Grand Real Estate Services was part a vision of the partners - Gus Nazaridis, David Joslin and Alex Floratos - to become a full service real estate brokerage offering residential resale, investor relations, property management services and the full spectrum of residential and commercial real estate services to our ever growing client base. We are very excited about the new business venture and gaining the ability to offer our clients more of what they have been looking for feels incredible.

Our new office is located at 2 West Baltimore Avenue, Suite 310 in the heart of Media PA. If you would like to learn more about our offerings you can reach us by calling 610-565-9292 or visiting us periodically on the web at www.GrandRES.com as we continuously add features and info to the site. There will be more exciting news and information posted in the near future, but just so everyone knows, We are officially open for business!

OK the heat got to me and I am late on getting this out -sorry. The good news is that there is so much going on right now in our real estate world, some good, some bad and some that we will put off for later discussion.

Let's get right to the nitty-gritty numbers...

• The number of units listed for sale is down 20% over the number of units listed in July '08. August '08 listings are also down 25% over the number of homes listed in August 2007.
  
• The Average list price is down just under 5% over July ‘08 and is down 2.5% over the August '07 average list price.
  
• The Average SOLD price is down 3.3% over July ‘08 which is another not so welcome bit of news. The consolation prize comes with a slight increase in the SOLD price this year compared to August ‘07 which is up 2.6%.
  
• The Average Days on Market also increased to 65 days, a 12% decrease over last months 58 days on market average and is up 20% over August 2007 days on market of 54.

Traditionally the market takes a little bit of a slide starting in July until October / November time frame. This July numbers were up but overall the trend is inline with previous years. Sit tight, wind down, and we'll see what the fall market brings.

DJ

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