Kensington sub-division, located on the city’s east side, saw a slight drop in prices from 2007 to 2008.
In 2008, the average sold price for a home in Kensington was $163,252, which was a decrease by 2.7 percent over the 2007 results.
The average sold price per square foot fell by 5.4% to $88 in 2008, while the average listing price slid to $89 per square foot.
The biggest drop in Kensington was the number of sold units, which fell by 57% to only 21 after 49 were transfered in 2007.
How does that compare to the rest of the city? Check out “The 2008 Delaware Ohio Home Sales Numbers” for the answer.
Kensington seems a little different than most areas in home sales. You have a big unit sales drop, but your sales prices held up. That is unusual to see. Most areas that lost a lot of unit sales lost a lot in price.
So, it seems with this kind of technical action that if this money comes in the market as it should the demand will rise again.
Areas that experienced large price declines such as Southern California, Nevada, Arizona and Florida have pick up in sales volume.
I also noticed some parts of Delaware such as southern have decline very little. My thought is that your area did not have the same speculation as other parts of the country, therefore it is not as hard hit price wise.
1.) Buyers need to know what all the programs that will be available. Mainly mortgages availability by the government, either the guarantee loan at a low interest rate or its true availability weather they qualify. People are sitting on the fence waiting to see what they can get before they commit.
2.) They need to see some confidence that the government programs funding banks and buying agency paper and mortgage bonds is going to work. There needs to be a buzz in the financial markets that there is money available to buy homes.
3.) The government needs to get all the money actually in the system so that the institution will promote their deals to the public. The new TALF -Term Asset-Backed Securities Lending Facility which was announced yesterday and promoted today 2/10/2009 brings money into the system.
The government is going to fund 90% of asset back securities with an investor’s 10% equity as non recourse loans.
I don’t know if it is the right thing, but if they are going to do it, they must get it done fast. The slipping must stop.
Buyers need the sizzle and the steak, right now the steak is there, but there is no buzz.
Richard