Suburban Philadelphia Real Estate News

head_left_image

Delaware County PA Market Update

As expected, the market is quickly returning to the mean as the effects of the tax stimulus disappear in our collective rearview mirror.

 

Since the last update based on the July 3 statistics, we have seen some interesting shifts:

Home

Since July 3, 2010:
Total Active properties are up 5%
(from 3,620 to 3,803 homes on the market)
Total Pending properties are up 3.1%
(from 620 to 639 homes under contract)
Total Sales are up 7.1%
(from 2600 to 3030 homes now sold year-to-date)

If we compare this to the same date Aug 14, 2009, we see:

Compared to same time last year through August 14, 2009:
Total Active are up 16%
Total Pending are down 22.7%
Total Sold are up 7.1%
Total Combined Pending & Sold are up 0.3%
(vs a combined total of up 7.8% on July 3, 2010)

Bottom Line:

At this point for Delaware County PA, it would appear that the stimulus simply moved sales to earlier in the year without really increasing the market.  Total Sales are now basically in line with the 2009 rate.  With current pendings down 22% from last year, total sales will quickly fall behind the 2009 rate.  In addition, a declining sales rate combined with an increasing inventory points to a buyers' market and continued price pressure throughout the market.

Next Up:

We still have the traditionally strong sales months of September and October directly in front of us so activity could easily pick up short term which would quickly help to ease any pressure on prices.  With the continuing low interest rates, this remains an incredible opportunity for anyone looking at buying and holding long term.  Prices could still decline short term, but over a multi-year time frame, this could be an historic low combination of prices and interest rates.  We are already seeing strong turnarounds in some pockets across the country.

As always, if you have any questions or comments, please feel free to let me know anytime.

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-359-3853/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.com

(All statistics per the TrendMLS System and believed accurate but not guaranteed)

Comment balloon 0 commentsDavid Henke • August 17 2010 09:36AM
Delaware County PA Market Update
share
As expected, the market is quickly returning to the mean as the effects of the tax stimulus disappear in our collective rearview mirror. Since the last update based on the July 3 statistics we have seen some interesting shifts: … more
Delaware County PA Luxury Home Market Update for February 2010
share
The Luxury Home Market continues its slow pace as we head into the traditional 2010 sales season. There have been many changes in the market since our last update in June but most of those have impacted the market at lower price points. The… more
Happy New Year 2010!
share
Happy New Year! Welcome 2010! Welcome to Pennsylvania! Welcome to Delaware! Welcome to the Brandywine Valley! Thank you all for a great 2009 and looking forward to the New Year. Just a few… more
Wayne PA - One of the Classic Towns of Greater Philadelphia
share
Congratulations to Wayne PA - Delaware County's newest member of Classic Towns of Greater Philadelphia. On October 1, the Delaware Valley Regional Planning Commission (DVRPC) added nine more towns to its Classic Towns of Greater Philadelphia… more
Wayne Station SEPTA R5 Regional Rail Radnor PA
share
Welcome to Wayne. This station is on the R5 Regional Rail Line just west of the Blue Route (I476). With a prime location on the Main Line, the Wayne SEPTA stop is one of only four R5 rail stops in Delaware County. The R5 Regional Rail Line… more
Philadelphia & The Miracle of 1955
share
Welcome to Philadelphia! If you love history or want some interesting background on the Philadelphia region, this video from fifty years ago provides some perspective. I've wanted to do a video overview of the area to provide a good look at… more
Luxury Rebound In Suburban Philadelphia Real Estate? - Not Yet.
share
Signs of Spring in the Suburban Philadelphia Delaware County Luxury Market? - Not quite yet. After suffering the financial jolt that really took hold in October last year, it was expected that we would begin to see some clarity as the… more
Local Finds: Random Pieces - Wayne PA
share
It happens to all of us. You downsize from a five bedroom house to a three bedroom condo. You change from a two story colonial to a multi-story contemporary. You get your first home and the two bedroom apartment furnishings with the egg… more