Numbers recently released by Trend, our local MLS, indicate that more homes are selling than many people might believe.  There were 3,445 recorded closings in the MLS year to date at the end of October.  For the sake of comparision, 3,787 closed during the same period in 2009 and 3,957 closed in 2008.  While these numbers do show a decline in units, many homes are still selling in and around Delaware despite what you read in the paper or hear on the news.  One thing these numbers do not reflect is the impact the federal tax credit had on how front-end-loaded 2010 was compared to other years.  In my experience, the activity in the fall market this year has been slower than in years prior so I do expect the decline in units to increase through the end of the year. 

Pricing has been the main issue causing many homes not to sell.  Pricing is certainly the main issue most people are trying to get a handle on right now, but again the numbers are somewhat surprising.  The mean price for homes in New Castle County remained about the same for 2010 as it was over the same period in 2009.  The median sold price did actually drop 1.79% from $224,000 to $220,000 year over year for that period though.  Even so, those numbers are not as terrible as some might have guessed.

Taking today's interest rates into account, it might be a really good time to buy for those qualified.  Don't let the negative hype fool you into thinking the market will never come back - the time to buy is coming.