I would like to announce a little good news occurring in the New Castle County Real Estate Market for January 2009. We have had a $15,000 increase in the median home price average compared to December 2008 and a $9000 increase in the average sold price compared to December 2008. Comparing these levels with averages from one year ago, I am also encouraged by the fact that the decline in the median home price average is only 2.2% and the average sold price is only 4.2%. As a whole our county along with the Philadelphia Metro region, is fairing much better than most of areas across the country. Additionally our 9.7 Months Supply of Inventory (MSI) is at its lowest level since September 2008 when it was 9.2, which again compares favorably with national levels.
Before we get too excited, there has been a fairly significant reduction in the number of homes selling. Home Sales for January 2009 are off 33% at 207 sales compared to 309 sales for Jan 2008. Heading into to Spring, I would say as long interest rates remain low we will have decent activity and sales in the market. The key for sellers is to be aggressively competitive to stand out. Buyers are still looking for deals and will find them because they are out there.
For more details download the charts below, or contact me at 302-740-5872
Regards,John Luca
Download Jan 2009 Median-Sold Avg
Download Jan 2009 Mo. Supp Inv
