Delaware Ohio: The $300,000 Mark

By
Toby Boyce
Published: April 8, 2007Posted in: Delaware Real Estate, Real Estate Stats & Analysis, Toby's TakeTags:

Dollar SignIt just continues to appear that the high-priced homes are not moving.

For homes with at least a $300,000 list price since the beginning of the year:

  • Actives are averaging $157.95 per square foot and have a been on the market for an average 145 days.
  • Solds are averaging $134.23 per square foot – which is $5.72 less per square foot than they listed for – and had been on the market for an average of 152 days when they sold.
  • Withdrawn homes waited 192 days to withdraw with an average cost per square foot of $157.93.

    • What does that mean?

    Let’s take a look at the current actives and how they break-down across the market:

    Active Number Days on Market
    $0 – 150,000 156 (13%) 114 (-11%)
    $150,001 – $300,000 871 (44%) 110 (-14%)
    $300,001 - 972 (49%) 146 (+14%)
    Total 1,999 128

    Amazingly, almost half of the homes for sale in Delaware County are more than $300,000. But are the solds comparable?

    Solds Number Days on Market
    $0 – 150,000 82 (15%) 111 (-18%)
    $150,001 – $300,000 285 (51%) 131 (0%)
    $300,001 - 192 (34%) 152 (+13%)
    Total 559 135

    Homes with a $300,000 list price accounted for 49 percent of the Delaware County listings, however they only accounts for 34 percent of the sales. And those that do sell, take an extra 17 days – or 14 percent longer – to sell than the average in Delaware County today.

    The days on market seems like common sense, the higher a home is priced the longer you would expect it to take to sell. I just can see the justification for this many $300,000+ homes in Delaware County right now.

    We need more affordable homes in Delaware County, but that’s a rant for another day.

    Photo by “anon” and used via license from Stock.xchng.

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    About the Author

    Sadie Lynn is the Boxer of Toby Boyce, a REALTOR with Keller Williams Consultants Realty, and Mrs. Toby. Sadie has been hearing more than she can take about real estate and Delaware since Toby became an agent in July. So, she decided to take into her own hands and created this site to share her new knowledge. Enjoy, my take on Delaware, Ohio and real estate as a general.