The Delaware County Real Estate Market continues into the fourth quarter at a leisurely pace.
As we close in on the end of September with only one quarter to go before 2011, this is a great time to assess the current market health.
As we noted before, the net effect of the First Time Home Buyer's Tax credit was simply to move the timing of sales in 2010 with little apparent impact on increasing overall activity in the market. This year to date in 2010, there have been 3525 recorded sales in the county compared to 3524 sales in 2009.
Through September 29, 2010:
. 2009 2010 Change
Year To Date Sales: 3524 3525 No Change
Pending Sales: 818 568 -31%
Active Homes For Sale: 3282 3903 +19%
Compared to my 8/17/2010 market update, the Pending Sales and Active Homes numbers continue to deteriorate. Pending sales have fallen an additional 11% (from 639 to 568) in the last month and a half. The Active Homes for Sale inventory has climbed an additional 2.6% (from 3803 to 3903). Both numbers indicate an increased desire to sell while buyers appear to be continuing to wait on the sidelines.
We have been seeing additional buyer activity both online and in Open House traffic but this has yet to be seen in increased homes under contract. If the buyers do not return soon, we could see some further price deterioration as we move toward the end of the year.
This remains one of the best and most affordable times to buy a home in the area. Anyone who is considering a move should be in the market today. Very minor economic news could quickly be felt in increased interest rates and today's deep inventory could quickly be gone.
As always, should you have any questions or be considering a move, please do not hesitate to contact me anytime.
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-359-3853/Cell: 610-618-0808