Both the anecdotal and market data show that volume of sales and sales prices have increased.
First time home buyers are snapping up inventory with the November 30th deadline quickly approaching. Interest rates have improved as well, which has increased buying power.
John is out showing homes to a couple different buyers today, and when he called the appointment center to show inquire about an “active” listing he was told it was now under contract – that happened twice just today.
Looking at the Median Price Chart below (click the link to see the full size chart), you can see that the Median Sold Price has increased 9.1% (comparing the last 12 weeks over the previous 12 weeks), while the Homes for Sale are only up .7% - meaning that it's not that higher priced listings have come on the market and driven up the purchase price. Instead, the listing prices are rather stable, and the buyer is moving up in price point. This is typically what happens in a cycle such as the one we're in. The first time home buyers will come back in the market first, which allows the sellers to then buy up in price.
Also if you look at the Units Sold Chart below, you can see that there was an increase in the number of units sold while that price point moved up - so it wasn't just a weak market with a few outlier purchases. The Units Sold increased a strong 38.1% (last 12 week average versus previous 12 week).
Please call John at 302-999-6966 to answer any real estate related questions on the market in your area, or about buying and selling in this environment.
Mary
Download Median Price past 6 months NCC, Chester and DE counties John Luca
Download Units Sold Supply and Demand past 6 months NCC, Chester and DE counties John Luca
Comments