From the Delaware County Times:
Housing market declines
By SOLOMON D. LEACH
Delaware County’s home sales dropped 10 percent in the third quarter, but showed a smaller drop-off than neighboring counties as the housing market continued to slow down, according to a recent report. A total of 2,241 homes in the county were sold during the third quarter, compared to 2,492 in the third quarter of 2005, according to the HomExpert Market Report from Prudential Fox & Roach Realtors, which records all public transactions.
The 10 percent decline in Delaware County was modest compared to a 25.3-percent decrease in Bucks County and a 25.1-percent slide in Burlington County, N.J.
The report also indicates that homes remained on the market longer, with the average home in Delaware County staying on the market for 45 days during the third quarter, up from 34 days a year ago, another indication of the market’s slowing pace.
Meanwhile, the median or mid-range sale price in the county increased 1.7 percent to $213,500 from $210,000 during the same period last year.
Reiburn said the slowdown from 2004 and 2005 has created a more balanced market, which favors buyers. At the same time, he insisted that sellers are still making a decent profit. “It’s still a good real estate market, but the market could not sustain that type of (sales) increase year over year. We just couldn’t continue to do that,” he said.
Contrary to what many have said, Reiburn believes the housing bubble has not burst, but rather returned to a more traditional performance, which he expects to continue at least for the next quarter.