The southern Delaware real estate market continues to be very active. 192 homes sold in Sussex county in March which was up 1% from last year and up 7% from February. Inventory, about 3860 homes is down 10% from March 2011 when it stood at 4300. However, that still represents just over a 20 month supply at the March sales pace – still too much. The median sales price was up 7% to $245,000 compared to $230,000 last year. I attribute this more to an increase in the sales of higher priced homes in the mix rather than a general increase in prices overall. Most evidence would point to a bottoming of prices in general.
Nationally, data from the Commerce Department showed existing home sales in March were up 5% from a year ago as first time homebuyers and investors comprised over half of all sales. Inventory fell 1.3% last month to 2.37 million which is only about a 6.3 month supply – much better than the local absorption of excess inventory. Although anecdotal evidence suggests that there is a large shadow inventory of homes available for sale (mostly bank owned properties), both average and median prices improved from a year ago. The median price for an existing home increased 2.5% to $163,800 while average prices increased 2.0% to $211,400.
Mortgage bond prices finished the week near unchanged keeping rates in check despite some up and down trading throughout the week. Rates were slightly better Monday morning tied to continued euro zone debt fears. Those gains were erased after Spain had a relatively successful debt auction. However, concerns remained due to the fact the Spanish auction came with higher yields needed to lure investors. Most of the data was rate friendly with higher than expected weekly jobless claims, weaker than expected housing starts, and weaker than expected Philadelphia Fed data. Mortgage interest rates finished the week near unchanged despite the volatility.
If you are a real estate professional here’s the link to my current rate sheet: <a href="https://www.box.com/s/4c8d4a0d0b32eee58edd" title="http://www.box.net/shared/bxjyydagau
http://www.box.net/shared/uks538ajcm“>Baxter Rate Sheet
Have a great weekend and never hesitate to contact me if you need something – hit the cell, send an email, pop a text, or contact me on Twitter or Facebook. And, if you need to get a buyer pre-approved? Just send them to my secure online application – Baxter Online Mortgage Application – Click on “Start Your Application”
And here’s an easy way to introduce me to clients when you make a referral. Send them to my About.Me Profile: Click Here
When talking with clients, hosting open houses, or just emailing information to them, it often helps to provide a free report or article on a topic that would be of interest to the potential buyer or seller. I have included below links to Free Reports that you can download, print and mail or fax or just email to your clients and prospects. I hope you find them helpful.
Here are Free Reports for your clients!
Buying a Home: