Quick Market Update:
The top end luxury home market continues at a leisurely pace as we close out the year.
In Delaware County Pennsylvania for the last quarter of 2008 (Oct 1- Dec 31), only eleven sales in the $1+ Million price range were recorded in the TrendMLS Delaware County Market Statistics as of 12/30. Many of these properties were new construction which were placed under contract well before the recent financial market turmoil.
Only two existing homes had settlements during the quarter - both in Radnor Township: Wayne PA 19087 - both settled just above $1.3M
There are currently an additional 155 homes available on the market in this price range reflecting an average asking price of $1,804,000 with an average of 195 days on the market. Last year there were 29 settlements during this same time period.
Looking forward: As interest rates remain low and the financial markets become more stable, we expect there to be increasing activity as we proceed through 2009. Demand appears to be rising due to the below average sales pace. Both buyers and sellers are ready but remain out of the market. I would expect this to begin to correct in the medium term.
(All information per TrendMLS System. Information believed correct but not guaranteed)