2011 Real Estate Market Year In Review January 16, 2012
Posted by chipplumley in Market Statistics, Real Estate.trackback
ALL REAL ESTATE MARKETS ARE LOCALIZED!
- Chester County
Settled UnitsYear over Year was down 3.5%, a difference of 12 homes, but only down 1.9% for the entire year!
That’s only 79 less homes sold the entire year and remember the tax credit boosted sales in the beginning of 2010. So being down only 1.9% is actually not bad at all!
Total Settled Volume
Year over Year is down 10%, a difference of $12M, and only down 4.55% in 2011. $1,457,716,000 in total sales for 2011, which is down $69,418,000.
7 months showed an increase in prices but because of that tax credit, April, May and June hurt the overall yearly amounts. September and December were the only other 2 months that had declines which has been the case since 2006.
- New Castle CountySettled Units
Year over Year is up 19.8%, an increase of 67 more homes, and up 4.25% for the entire year. 174 more homes sold in 2011 than 2010.
Total Settled Volume
Year over Year is up 8.7% but down 6.84% over 2010. $928,952,000 worth of homes sold in 2010 compared to $997,137,000 in 2010. $681,850,000 difference over 2010 but the 2010 tax credit had a lot to do with the decrease in sales volume. There was a decrease in sales volume for the first 6 months of the year and again April, May and June were the biggest sales dollar losers. Just the opposite of 2010 where the last 6 months of the years were all down.
I strongly urge you to take a look at the reports straight from TrendMLS (the area’s Multiple Listing Service) and determine your own opinion of what the market is truly like. The numbers speak for themselves!
Please click on your County below for the detailed PDF of your market area. REMEMBER that some of the numbers before June are skewed because of the Federal Tax Credit offered in the first 6 months of 2010.
Interest rates are starting to climb a little. A 30 year fixed rate is about 3.875% and a 15 year fixed rate is around 3.375%. There is a possibility of getting a lower rate with points too. Great time to buy and sell!
Tri-State Area Year-To-Date Market Snapshot
Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635.
Prudential Fox & Roach is an independently owned and operated member of
Prudential Real Estate Affiliates, Inc., a Prudential Financial company.
Equal Housing Opportunity.
Comments»
No comments yet — be the first.