October home sales dropped 37% in New Castle County (274 vs.435) compared to October 2009 sales. Much of the drop can be attributed to last year’s first time home buyer tax credit which originally had a November 30, 2009 deadline, which had created increased demand in the final quarter of 2009. Year to date 2010 home sales volume for the county is down only 9.5% compared to 2009 year to date numbers (3,583 vs. 3,944).
In spite of the reduced numbers on unit volume, Average sales prices have remained very steady at $244,240 for 2010 ytd, compared to the 2009 ytd average of $244,056, which supports the notion that our local market has continued to remain stable over the past 10 months.
As the economy continues to stabilize and makes progress towards recovery, along with the current mortgage rates at record low levels for buyers, transactions are happening for sellers with realistic expectations. And although sales numbers haven’t been this low since before the year 2000, I believe the market appears to be in a position to have a better year in 2011. To find out how your current situation is best suited to take advantage of today's real estate market, call John today at 302-740-5872.
Mary Luca, MBA, Realtor, Technology Specialist
John Luca, Accredited Luxury Home Specialist, Chairman Circle Award, Realtor Licensed in DE, PA & MD