According to TREND, the tri-state MLS, it appears our local market in Kent County is beginning to rebound slightly. In the 2nd quarter the average home sale price rose slightly from last quarter, from $200,700 to $200,800. Not a significant increase by any means, but it does demonstrate a positive shift. The number of homes sold however, increased from a previous quarterly 201 to 300 single family home sales, a 49% increase, and that is a significant number. Housing starts broke from the gate from a previous quarter of 119 to 149 new homes being built this past quarter, and the number of days on the market dropped from 114 to 105.
The question is, which homes are selling? The highest number of homes sold were in the $150,000 to $199,000 category, 3-bedroom and 4-bedroom homes, 32 and 6 respectively. In the $200,000 to $249,000 range, there were 17, 3-bedroom and 15, 4-bedroom homes sold. The mid range 3-bedroom, 150K to 199K homes continue to outpace the rest.
And how long did it take to sell these gems? The best sellers were the 28 homes that sold within 30 days, 21 homes sold in 31 to 60 days, and the final top performers were in the 91 to 120 day range with 24 homes making it to settlement.
And what about the money market, where do we stand right now? According to Freddie Mac, a 30-year conforming loan with 20% down hovers at 5.14% And FHA continues to lead the pack in financing.
Put the entire picture together in comparison to this time last year, and leading indicators appear to show an infusion of money, housing starts, and movement of resale homes, all healthy signs of a economic upswing. If you are still one of those buyers sitting on the fence, your time is diminishing for snapping up a steal, but there are still plenty of opportunities to take part in the American Dream of home ownership. Call your REALTOR today and make it happen!
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