Delaware County PA currently has a 245 day inventory of homes on the market at the current sales rate.
For those that may visit my website, I keep a running tab of the current active, pending, and sold statistics for Delaware County on the front page. I just wanted to note that today, day number 245 in 2009, the number of homes sold in Delaware County finally surpassed the number of homes currently for sale - hence the 245 days of inventory.
We can't get the exact day this happens each year from our MLS, but here are some interesting points to contemplate:
--We hit the same point in early August last year and at the end of July in 2007.
--Inventories both years were over 4200 homes versus the 3168 homes today.
--In 2006, with slightly higher inventory, we reached this point in early July.
--In 2005, 2004, and 2003, the sold homes passed those on the market in early to late June on lower inventories ranging from 2400-2900 homes for sale.
--Inventory dropped 26% in the last year as the market stabilized.
--Year-to-Date Sales dropped 15% from 2008 and 39% from the peak in 2005.
The last time we had this level of home sale activity was in 1995 when there were only 3032 home sales to this same date. This sales rate had grown to a peak of 5250 homes sales on this date in 2005 (+73% in the decade) and has subsequently fell 39% by this year.
Overall, the market in Delaware County PA has remained fairly stable. Prices have come down moderately, but we neither saw the peak nor trough experienced in other markets in the country. Sales activity has fallen driven by uncertainties across the economy. Short term we could see additional home sales strength due to both the expiration of the first time home buyer's incentives and the historically low interest rates. Long term, we can expect a stronger market as the sales pace and demand return to a more "normal" rate as the economy and confidence recover.
Time will tell. As always, let me know if you have any questions.
(All statistics per the TrendMLS System and believed accurate but not guaranteed)