What’s Happening in Kent and New Castle Counties

Kent and New Castle Counties February 2016 Real Estate Stats

“February home sales getting a modest boost by the extra day in this Leap Year, exceeded February 2015 by 15% and are now 19% ahead of 2015 Year-To-Date,” according to Dave Davis, resident statistics guru at TREND MLS. “While we are very unlikely to continue exceeding 2015 by almost 20%, this strong of a start to the year was unexpected. Sales are also up in each of the three states: NJ +27%, PA +17%, and DE +12%. Year-To-Date prices are up 1% overall, but price performances vary widely by state: DE +4%, PA +2.0%, and NJ -4.0%.”

“Much of the price decline in NJ is due to a high number of distressed sales; i.e. short sales and foreclosures. In PA distressed sales Year-To-Date have accounted for 14% of sales, DE 13%, and NJ 26%,” said Davis. “Distressed sales typically sell for a lower price than other sales. We are off to a stronger than expected start to 2016 as we enter the spring market when both inventory and sales begin to accelerate and peak over the summer.”

The report goes on to say that the median sold price throughout the TREND region was up 1.3% from last February, while Kent County was equal to last year. Year-to-date the median sold price for all of TREND is up 0.7% while Kent County is up 3.8%. In New castle County, the median sold price throughout the TREND region was up 1.3% from last February, while New Castle County was down 0.2%. Year-to-date the median sold price for all of TREND is up 0.7% while New Castle County is up 5.3%.

February 2016 Residential Activity in Kent County

Central DE_Button_033016Inventory: In February, Kent County saw a 1.5% increase in homes listed for sale but is 1.2% below the 2015 inventory level. Months Supply of Inventory is at 7.3 months up from 7.2 months in January but down from the 7.4 months a year ago.

Settled Listings: February sales were up 6.8% from last February but remains below 2015 year-to-date by 2.6%.

Median Price: The median sold price in February was $185,000, the same as last February, and year-to-date is 3.8% ($7,000) higher than 2015.

Settled Price / Original Price: The sold price to original list price ratio was 97.4% the same as last February and is at 97.2% year-to-date.

Average Showing Appointments Per Listing by Price Range: Appointment activity was up 42% from February 2015 and up 16% from last month.

See even more buyer activity in the following report: Buyer Activity Report: Kent County

February 2016 Residential Activity in New Castle County

Northern DE_Button_033016Inventory: Inventory increased by 1.4% during the month of February and is 1.4% above the February 2015 level. The Months Supply of Inventory stayed at 4.6 months.

Settled Listings: Sales in February were 21.3% higher than last year and are 16.2% ahead year-to-date.

Median Price: The February median sold price was $350 (0.2%) below last February, but remains 5.3% ($10,550) above the 2015 level year-to-date.

Settled Price / Original Price: The sold price to original list price ratio, was 92.7% compared to 92.8% last February and is at 93.4% year-to-date compared to 91.1% last year.

Average Showing Appointments Per Listing by Price Range: Appointment activity was 16% from last February but up 25% over last month.

See even more buyer activity in the following report: Buyer Activity Report: New Castle County

 

Are you considering moving to Delaware?

Sign up for our FREE Publications and order your FREE Buyers Guide. If you’re ready to be a LOCAL NOW, call 302-424-1890, or email us, let’s get started on your move to Delaware today!