The housing market in Delaware County. ...

• The number of units listed for sale Increased 2.9% over the number of units listed in March '10 and is UP 26.3% over the number of homes listed in April‘09.

• The Average list price is UP 2.11% over March 2010 list price and is DOWN 6.6% over April 2009 average list price.

• The Average SOLD price is UP 20.6% over March 2010. The year over year increase in the SOLD price, this year, April 2010 compared to April 2009: the SOLD Price is UP 10%.  

• The Average Days on Market DECREASED to 83days, a 12% DECREASE over March's 93 days on market average.

• April showed 460 homes sold in Delaware County compared to the 358 homes sold in April 2009, an INCREASE of 22.2%.

This is just what the government wanted to happen, a little stimulation in the housing market. We will see once the July stats hit the wire. All the tax credit properties should be done by the end of June and the summer slump coupled with the tax credit disappearing should give us a true mark as to where we are.

Life happens and so real estate, whether high or low, will continue to sell. It's all just part of how you look at it.

- DJ

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties. This is a residential home sales report for single family homes valued between $1 and $9,999,000

The housing market in Delaware County. …

• The number of units listed for sale Decreased 8.2% over the number of units listed in January ’10 and is DOWN 5.6% over the number of homes listed in January‘09.

• The Average list price is UP .06% over January 2010 list price and is UP 8.8% over February 2009 average list price.

• The Average SOLD price is DOWN 0.35% over January 2010. The year over year increase in the SOLD price, this year, February 2010 compared to February 2009: the SOLD Price is UP 6%.

• The Average Days on Market DECREASED to 92 days, an 8% DECREASE over last month’s 100 days on market average.

• February showed 220 homes sold in Delaware County compared to the 241 homes sold in January 2009, a DECREASE of 8.7%.

Not quite the statistical rebound we were looking for but come on. February graced us with some of the WORST WINTER WEATHER IN HISTORY. I am not making excuses for the slow numbers, but, in order for a house to sell it has to be shown. So who wants to be tracking through the snow and freezing cold looking for a house unless you really have to?

Come on March! Time is short, so hit the ground running. You MUST have a contract signed and accepted by APRIL 30, 2010 to get your TAX CREDIT, if you qualify. Bring on the real spring!

Life happens and so real estate, whether high or low, will continue to sell. It’s all just part of how you look at it. - DJ

David Joslin
PA licensed Broker RM421043
Grand Real Estate Services
Media, PA
www.davidjoslin.com
david@davidjoslin.com

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties. This is a residential home sales report for single family homes valued between $1 and $9,999,000

The housing market in Delaware County. …

• The number of units listed for sale Increased 87% over the number of units listed in December ’09, WOW and is UP 18.3% over the number of homes listed in January‘09.

• The Average list price is DOWN 1.06% over December 2009 list price and is UP 1.5% over January 2009 average list price.

• The Average SOLD price is DOWN 4.9% over December 2009. The year over year increase in the SOLD price, this year, January 2010 compared to January 2009: the SOLD Price is UP 5.4%.

• The Average Days on Market INCREASED to 100 days, a 20.5% INCREASE over last month’s 83 days on market average.

• January showed 241 homes sold in Delaware County compared to the 236 homes sold in January 2009, an INCREASE of 2.1%.

A bit of a rebound from the December housing blah humbug stats. Spring is just ahead and the tax credits should be a nice boost to the market.

Life happens and so real estate, whether high or low, will continue to sell. It’s all just part of how you look at it. - DJ

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties. This is a residential home sales report for single family homes valued between $1 and $9,999,000

Catching up on the housing market in Delaware County …

• The number of units listed for sale Decreased a 36% over the number of units listed in November ’09 and is UP 1.8% over the number of homes listed in December ‘08.

• The Average list price is UP 13% over November 2009 list price and is UP 17.2% over December 2008 average list price.

• The Average SOLD price is UP 18.1% over November 2009. The year over year increase in the SOLD price, this year, December 2009 compared to December 2008: the SOLD Price is UP 13%.

• The Average Days on Market DECREASED to 83 days, a 5.7% DECREASE over last month’s 88 days on market average.

• December showed 328 homes sold in Delaware County compared to the 575 homes sold in November 2009, a DECREASE of 43%.

Don’t let these stats get you down. January and the spring market is just around the corner.

Life happens and so real estate, whether high or low, will continue to sell. It’s all just part of how you look at it. - DJ

David Joslin
PA licensed Broker RM421043
Grand Real Estate Services
Media, PA
www.davidjoslin.com
david@davidjoslin.com

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties. This is a residential home sales report for single family homes valued between $1 and $9,999,000

Don't sit by and watch this pass, yor tax credit awaits. As part of the plan to stimulate the U.S. housing market Congress passed legislation that has:

•  Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. In this case a "first-time home buyer" is the purchaser or their spouse may not have owned a residence during the three years prior to the purchase.

•  Expands the Tax Credit to include current home owners purchasing a home between November 7, 2009 and April 30, 2010 with a Grant up to $6,500. Home owners who have used their home as a principal residence for five consecutive years of the last eight are eligible for the expanded credit.

Of course there are a few guidelines you should keep in mind when considering using the Tax Credit...

• The Extended Home Buyer Tax Credit may be applied to a primary residence, including: single-family homes, condos, town homes with a purchase price of under $800,000.00.

• Individual Buyers with an income up to $125,000.00 or married couples with a combined income up to $225,000.00 are eligible for the maximum allowable Tax Credit which is:

• First Time Home Buyers - The maximum allowable credit is $8,000.

• Current Home Owners will have a maximum allowable credit of $6,500.

• Home Buyers still may qualify for a Tax Credit if they earn more than the allowable income levels. The actual credit is then determined by a sliding scale of income up to $145,000.00 for singles and couples earning up to $245,000.00.

• A home must be under contract no later than April 30, 2010 and must settle by July 1, 2010 in order to receive the eligible credit

The best news on this credit is that the Home Buyers need not repay the amount if they live in the home for three years or more following the settlement date. However if you sell during those first three years be prepared to pay Uncle Sam back every penny!

As with all tax credits and accounting information it is suggested that you check with your professional financial advisors to be sure how the credit will affect you.

For more information on buying or selling a home contact:

David F. Joslin, Jr.
Pennsylvania Real Estate Broker #RM421043
REALTOR®, CRS, ABR, e-PRO, GRI, ARM Member

Grand Real Estate Services
610-565-9292 office  ext  205
610.517.8249  cell
david@davidjoslin.com

First and foremost real estate, above all is LOCAL. Secondly, right now real estate is transitioning. We are in a huge slow down, you and I both know when you are driving the speed limit and everyone else around you is flying by, you have a tendency to try and keep up - the real estate market of a few years ago. But when everyone immediately slows down -the real estate market now- there is potential for an accident if you are not careful. Well ladies and gentleman, there's been a little 35 car pile-up and it's going to take some time to clean up the mess. We need to tend to the wounded, reroute the traffic, clean up the pieces and get back on track.  

That's where we are right now. The real reason this market is so tough is that we are transitioning. Whether you've changed jobs, careers, homes, relationships, or your route to avoid the traffic, there is a time of transition necessary to work out the kinks, get your bearings and feel comfortable enough where you can honestly say that things are going to be ok. Is it going to get worst? I would say based on the stats that we are going to be in the same type of market for another 6 months to a year, slow and steady with not a huge change.

Homes will continue to sell year after year no matter what; it's just a matter of how many and for how much. If you are in the normal residential market, patience is a virtue whether you are buying or selling. The right house is out there at the right price. The beneficiaries of this market are definitely the investors, especially the ones with capital, collateral, relationships and vision. The investors of today are mostly buy and hold, long term investors who are using real estate as their annuities, slowly growing equity in a long term financial plan. It is not a mad rush to flip homes like the get rich quick weekenders of a few years ago. Although flipping is starting to creep back into the marketplace as we are analyzing the deals closely with the investor and making sure that the deal makes sense. Profits are not what they once were, but, you can be sure there are profits to be made. Expectations have to be reasonable and conservative though as the home run deals are the exception these days. And the most unstable of all areas will be the commercial market place, but we will leave that for another post.    

So what do the numbers look like? Based on data from Trend Multiple Listing Service sales activity between 2005 and 2008...

• The number of homes sold in Delaware County has decreased 58% with 7640 homes sold in 2005 and 4818 homes sold in 2008.
• This year-to-date 4714 units sold as of the end of November, so it is likely that 2009 will be the first year since 2004 where home sales will have risen over the previous year in Delaware County.
• The median home price in 2005 was $189.9K and overall has risen about 10% to the average median price of $210K in 2008, with an anticipated 5.5% decline in median sale price in 2009 to around $200K which ultimately brings us to about a 5% increase in home value overall since 2005 in Delaware County.
• The days on market has obviously risen significantly going from 19 in 2005 to currently 56 in 2009 which is almost a 300% increase in expected marketing time. 

All these numbers don't paint such a gloomy real estate picture in Delaware County after all, especially since this year seems to have an increase in the unit sales. 

In neighboring Chester County the numbers are a bit similar...

• A 61% decrease in homes sold between 2005 (7552 units) and 2008 (4495 units). 2009 is on point to have sales a bit higher than last year topping 4700 units. 
• The average median price rose 11% between 2005 and 2008 but has suffered an anticipated 10% decrease in 2009 to a median price of 280K which is a 2% increase over the 2005 average median sale price.

Is it phenomenal growth, no! But it is growth!

So what do I think about the state of the real estate market, slow and I don't see things getting back to "normal" for another 6 months to a year, minimum. It's been a rough road thus far and I'm not taking this market lightly, but you have to go with the flow. We opened Grand Real Estate Services in September 2008, right in the middle of this mess and we are still here! I say this, navigate slowly and make decisions based on what you feel is best for you, your business, your family and your future and if you need help figuring it out don't hesitate to drop me a message or pick up the phone and give me a call. We'll talk about what works best for you!

All the best!

The year end is always a time to reflect on the year that just flew by and the the upcoming year that will be here and gone just as quickly. There is nothing better than to have a little help with righting the ship with some things to think about. In a timely post by Seth Godin's FREE ebook, What Matters Now is being offered at no charge to help us along in this process. Seth has encouraged his readers to Tweet about it, email it, post it to your own website blog about it and whatever is necessary to try and get it in the hands of 5 million people, viral marketing at its best. I know I've done my share, Tweeted it, posted it on my Facebook page, Fan Page and now blogging it here on Active Rain. 

Don't worry there is nothing to buy, no passwords, registration or roadblocks to get the ebook. There is no holier than thou proclamations, or being preached to. It is a compilation from various writers, bloggers and everyday Joe's sharing their words and thoughts.

Take from it what you will. I read through it once and will be going back several times as the writers perspectives are insightful and a great opportunity to excercise the machine between the ears.

Whether you enjoy it or not, I would be interested to hear what you think about it. 

To download the ebook you can go here

Or if you want to read Seth Godin's blog post go here

All the best!

The housing market in Delaware County...

• The number of units listed for sale Decreased a 37.2% over the number of units listed in October '09 and is UP 6.6% over the number of homes listed in November ‘08.

• The Average list price is DOWN 17.5% over October 2009 list price and is DOWN 9.5% over November 2008 average list price.

• The Average SOLD price is DOWN 4.8% over October 2009 which is the fourth consecutive decline. The year over year increase in the SOLD price, this year, November 2009 compared to November 2008: the SOLD Price is down 9.3%.  

• The Average Days on Market INCREASED to 90 days, a 2.3% INCREASE over last month's 88 days on market average.

• November showed 587 homes sold in Delaware County compared to the 526 homes sold in October 2009, an increase of 10.4%.

‘Tis the season for the housing market to take a little nap. The number of homes typically decreases this time of year and they have. Lower number of listings will affect the supply and demand, which may help move the inventory currently on the market. Buyers continue to look for the deals and Seller must realize that they need not be insulted on low ball offers. As long as the homes are priced in line with the market values and desirablility, the homes will sell.

Life happens and so real estate, whether high or low, will continue to sell. It's all just part of how you look at it.

- DJ

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties. This is a residential home sales report for single family homes valued between $1 and $9,999,000

The housing market in Delaware County...

• The number of units listed for sale Decreased a 14.2% over the number of units listed in September '09 and is UP 4% over the number of homes listed in October ‘08.

• The Average list price is UP 6.2% over September 2009 list price and is DOWN 9.7% over October 2008 average list price.

• The Average SOLD price is DOWN .003% over September 2009 which is the third consecutive decline. The year over year increase in the SOLD price, this year, October 2009 compared to October 2008: the SOLD Price is down 5.9%.  

• The Average Days on Market INCREASED to 88 days, a 16% INCREASE over last month's 73 days on market average.

• October showed 526 homes sold in Delaware County compared to the 439 homes sold in September 2009, an increase of 19.8%.

Product is being moved, but it takes time. It's taking longer to sell a home as the sold price slid a bit, even though the list price is up. I still believe that the end of year numbers will be uncharacteristically strong since the first time home buyers credit in coming to a close. So when the numbers seem to jump, please stay in your seat, it does not mean we are out of this slump, yet.

Life happens and so real estate, whether high or low, will continue to sell. It's all just part of how you look at it.

- DJ

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties. This is a residential home sales report for single family homes valued between $1 and $9,999,000

The September housing market statistics for Delaware County...

• The number of units listed for sale INCREASED a whopping 21.6% over the number of units listed in August '09 and is DOWN 6.1% over the number of homes listed in September ‘08.

• The Average list price is UP 2% over August 2009 list price and is DOWN 16% over September 2008 average list price.

• The Average SOLD price is DOWN 10% over August 2009 which is the second consecutive decline. The year over year increase in the SOLD price, this year, September 2009 compared to September 2008: the SOLD Price is down 9.8%.  

• The Average Days on Market DECREASED to 73 days, a 5.5% DECREASE over last month's 77 days on market average.

• September showed 421 homes sold in Delaware County compared to the 510 homes sold in August 2009, a decrease of 17.5%.

Read these stats as you wish, because listening to the national media will only confuse us in this local market place. The number of homes for sale increased as did the average list price while the days on market decreased, which are all positive for home sellers but the buyers are still getting some good deals out there as the actual sold prices have declined for a second straight month and are still lower than last year. Although the national association of Realtors® reported that existing home sales jumped up nationally the local residential sales in Delaware County tell a different story.

I do believe that the October and November sales numbers may be uncharacteristically strong since the first time home buyers credit is coming to a close and all of those home sales need to be completed by December 1, 2009. So when the numbers seem to jump, please stay in your seat, it does not mean we are out of this slump, yet.

Life happens and so real estate, whether high or low, will continue to sell. It's all just part of how you look at it.

- DJ

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties. This is a residential home sales report for single family homes valued between $1 and $9,999,000

The housing market in Delaware County...

• The number of units listed for sale decreased 8.8% over the number of units listed in July '09 and is down 3.7% over the number of homes listed in August ‘08.

• The Average list price is DOWN 2.3% over July 2009 list price and is down just a smidge 0.8% over August 2008 average list price.

• The Average SOLDprice is down 7.5% over July 2009 which is the first decrease in 4 months. The year over year increase in the SOLD price, this year, August 2009 compared to August 2008: the SOLD Price is down 8.8%.  

• The Average Days on Market decreased to 77 days, a 12.5% decrease over last month's 88 days on market average. 

• August showed 501 homes sold in Delaware County over the 554 homes sold in July 2009, a decrease of 9.6%.

School's back in session and that typically means that the housing stats fall off a little. The national news has been a little better and Delaware County as a whole is still a good market with less than double digit losses (and/or gains) in most of the important categories.  I am still standing behind my feelings that we will continue to see a rise in the homes sold in Delaware County simply because of the first time home buyers tax credit. But note, in my opinion, this infusion into to the housing market may be giving off some false hope to a total housing rebound.

Don't forget... You must identify and settle on your new home BEFORE DECEMBER 1, 2009 to be eligible. And since the home buying process does not happen overnight you better be in the game NOW to have a shot with this program. This means we are approaching the time for first time home buyers to step up and buy their first home or lose that precious tax credit!

Life happens and so real estate, whether high or low, will continue to sell. It's all just part of how you look at it. - DJ

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties

The housing market in Delaware County...

• The number of units listed for sale increased 7.7% over the number of units listed in June '09 and is down 16% over the number of homes listed in July ‘08. 

• The Average list price is DOWN 3.8% over June 2009 list price and is down 2.7% over July 2008 average list price.

• The Average SOLD price is up 7.2% over June 2009 which is the third consecutive increase. The year over year increase in the SOLD price, this year, July 2009 compared to July 2008: the SOLD Price is down 5.7%. 

• The Average Days on Market increased to 88 days, an 8% increase over last month's 81 days on market average.

• July showed 550 homes sold in Delaware County over the 563 homes sold in June 2009, a decrease of 2%.

Don't go thinking we are out of the housing slump yet! Much like the Cash for Clunkers program is giving the auto industry a false sense of hope, the first time home buyers program has helped stimulate sales but has not corrected the whole fiasco. I am still standing behind my feelings that we will continue to see a rise in the homes sold in Delaware county as we near the critical "first time home buyers tax credit" deadline but that this infusion into to the housing market may be giving off some false hope to a rebound.

NOTE: You must identify and settle on your new home BEFORE DECEMBER 1, 2009 to be eligible. And since the home buying process does not happen overnight you better be in the game NOW to have a shot with this program. This means we are approaching the time for first time home buyers to step up and buy their first home or lose that precious tax credit!

Life happens and so real estate, whether high or low, will continue to sell. It's all just part of how you look at it.

- DJ

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties

The housing market in Delaware County...

• The number of units listed for sale dropped 12% over the number of units listed in May '09 and is down 27% over the number of homes listed in June ‘08.

• The Average list price is DOWN 15% over May 2009 list price and is up 2% over June 2008 average list price.

• The Average SOLD price is up 7.77% (had to go for the lucky 7's) over May 2009. The year over year increase in the SOLD price, this year, June 2009 compared to June 2008: the SOLD Price is down 10% a little bit of a hit to the mid section.  

• The Average Days on Market decreased to 82 days, a 12% decrease over last month's 93 days on market average.

• June showed 560 homes sold in Delaware County over the 396 homes sold in May 2009.

SO what do I think about the market? Listings are down and days on the market are down which means people are choosing to stay put in our area. A little bit less to choose from on the buyers side, at a lower price with less time to think about the purchase as homes are selling a bit faster. Adjustment to this crazy market is a tough thing for the buyers, just when they thought they had more time, poof the home is gone. I predict that we will continue to see a rise in the homes sold in Delaware county as we near the critical "first time home buyers tax credit" deadline.

Don't forget about that. You must identify and settle on your new home BEFROE DECEMBER 1, 2009 to be eligible. And since the home buying process does not happen overnight you better be in the game at least 60 to 90 days before December 1 to even have a shot. This means we are approaching the time for first time home buyers to step up and buy their first home or lose that precious tax credit!

Life happens and so real estate, whether high or low, will continue to sell. It's all just part of how you look at it.

- DJ

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties

The housing market in Delaware County...

• The number of units listed for sale dropped 15% over the number of units listed in April '09 and is down 20% over the number of homes listed in May ‘08.

• The Average list price is up .008% over April 2009 list price and is up 11% over May 2008 average list price.

• The Average SOLD price is up 7% over April 2009. The year over year increase in the SOLD price, this year, May 2009 compared to May 2008: the SOLD Price is down 5%.  

• The Average Days on Market decreased to 93 days, a 7% decrease over last month's 99 days on market average.

• May showed 391 homes sold in Delaware County over the 355 homes sold in April 2009.

SO what do I think about the market? Listings are down and days on the market are down which means a little bit less to choose from on the buyers side, which also may account for the slight increase in sold prices. So it is a classic case of supply and demand, as the inventory reduces the pricing increases. Don't get too crazy on me though, this is in no way a turning point in the market, it is going to be like this for a few more months as we teeter back and forth adjusting to the public perception of the economic state we are in.

Life happens and so real estate, whether high or low, will continue to sell. Its all just part of how you look at it.

- DJ

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties

The housing market in Delaware County...

• The number of units listed for sale took a step upward 9% over the number of units listed in March '09 but is still down 19% over the number of homes listed in April 2008.

• The Average list price is up about 18.5% over March 2009 list price and is up 11% over March of 2008 average list price.

• The Average SOLD price is down 3.5% over March 2009. The year over year increase in the SOLD price, this year, April 2009 compared to April 2008: the SOLD Price is down 11%.  

• The Average Days on Market increased to 99 days, a 2% increase over last month's 97 days on market average.

• April showed 352 homes sold in Delaware County over the 332 homes sold in March 2009.

Experts still predict that it is going to get worse before it gets better but I have to slightly disagree when it comes to Delaware County. Yes, the real estate market is still struggling and people find their way around a tighter budget but Delco still has a lot to offer the Greater Philadelphia area and will continue to slightly fluctuate on its roller coaster. The numbers on average list price rising will not be realized in the sold prices for the next few months. But let's face it, if the sales numbers were predictable there would be a whole lot more people in the real estate business. So we sit here and analyze the market the best we can using our numbers, year over year and month to month to track the trend. And right now it looks a lot like the Pocono mountains, with many peaks and valley's.

First time home buyers should forge ahead and buy an affordable home. Work within your budget, there is no need to over extend yourself, isn't that what has played a huge part in this economic downturn? Be reasonable and make sure you are in a good comfortable position now so that you are not house poor in 6 months.  Use the first time buyers credit to your advantage and be on the lookout for a slight change, where you may actually be able to apply that credit to your purchase sooner than waiting for the tax refund.

- DJ

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties