Newark Delaware 19711 Real Estate Market Report
The Greater Newark area includes the city of Newark and outlaying area’s. There are basically two zip codes in the greater Newark area, today I will be dealing with the 19711 zip code which includes the City of Newark. The City of Newark and other area’s in the 19711 zip code are a great place to live. There are many neighborhoods inside the City of Newark limits, and outside of the City that are beautiful neighborhoods with a lot to offer any potential buyer. If you would like more detailed information on any of the neighborhoods, please check out my website.
One of recent news stories on the City of Newark cited the relatively low unemployment rate of 6.4%, well below both the State and National averages. This is great news for the city on both the economic front and on the housing front. While that unemployment rate is not excellent by any stretch of the imagination, it is far better than the rates in the rest of the State or Nationally. The impact of that rate on the housing market is still a decline, but not as large a decline as homes on the State or National level.
The quarter to date totals for the first quarter of 2011 show listings down from 175 to 140, a 20% decrease. Closed Sales are down 6.7% to 56. Pending Sales are also down from 96 in the first quarter of 2010 to 77 in 2010, a 19.8% decline. The median home price is down 2.1% to $237,000. Listings are currently selling at 92.0% of their original list price a decrease of .6% below last year. The Average days on market are 83 up from 81 in 2010. There is currently over 6 months of supply just in the 19711 zip code.
Some of these statistics can be quite deceiving as they are based on the overall market. For instance, it would be easy for a seller to look at the list to original price statistic and say “Well I want X dollars for my home so I will mark up my home to account for the difference in list price”. Unfortunately, that is not quite what the market is saying. What it is telling you is that the list price that your agent suggested when listing the home, is no longer the price after the home has been on the market X number of days. It is unfortunate, but each day your home sits on the market it decreases in value a little more. This is a hard conversation to have with a seller as for most of the last decade, they have seen their home increase (sometimes dramatically) every year.
However, for the buyer in Newark Delaware, they are in the market at one of the historically best times. Interest rates are at one of the lowest points in history. There are many homes on the market from which to choose. If you aren’t in a hurry, you could even get a great deal on a short sale or foreclosure. You have to be very patient with these homes though, as they generally take more time.
The Year end data from 2010 shows a similar story. The year to date totals for 2010 show listings up from 609 to 664, a 9% increase. Closed Sales are down 3.4% to 345. Pending Sales are also down from 367 in 2009 to 350 in 2010, a 4.6% decline. The median home price is down 1.6% to $248,500. Listings are currently selling at 93.4% of their original list price an increase of 2.1% over last year. The Average days on market are 74 down from 76 in 2009.