Throughout 2010, the real estate market was challenged by the economy and changing directions of Wall Street and Washington, but it looks as though 2011 may finally be the year that we begin to see some stability in the market.
It will still be another week or so until we receive the final sales numbers for the local area from the MLS system, but the daily market activity has continued to show an "interesting" year.
As of today vs January 8, 2010:
Status: Yr - Qty Yr - Qty Direction
Active on the Market: 2011 - 3286 2010 - 2812 Up 17%
Pending/Under Contract: 2011 - 417 2010 - 509 Down 18%
Year-To-Date Sales: 2011 - 4511 2010 - 5059 Down 11%
With the reduced sales pace continuing through the end of the year, active properties currently on the market remained above the level seen in the past few years (but down from a peak of 3900 properties). This continues to provide excellent opportunities for buyers now looking for a new home but will continue to put a break on prices until activity once again begins to pick up in the new year.
We'll follow up with a complete market report later in the month after we receive the final numbers. In the meantime, if you have any questions or need any information, please feel free to contact me anytime. It looks like we can look forward to a stronger 2011.
Long & Foster Real Estate Inc – Newtown Square,PA/Bear, DE
Office: 610-359-3853/Cell: 610-618-0808
(All statistics per the TrendMLS System and believed accurate but not guaranteed)