Delaware home sales increase in 2017

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June home sales rose in both New Castle and Kent counties, according to a report from the TREND Multiple Listing Service.

Total sales in New Castle County rose to 803, compared to 733 a year earlier. In Kent County sales totaled 238, up from 199 a year earlier.

The average number of days homes were on the market fell to 20 in New Castle County, below the 28 reported a year earlier. In Kent, the average number of days fell from 40 in June 2016 to 33.

Kent County saw a decline in the average sale price to $200,000, compared to $211,000 during June of 2016. The average price in New Castle County rose to $233,900 in June of this year, compared to $230,000 during the same month a year.

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TREND has merged with other MLS groups in the region, including the entity in Sussex County, to form an organization known as Bright.

While TREND/Bright is not yet releasing figures for the state’s southernmost county, the state’s largest residential broker, Patterson-Schwartz, reported a 24 percent increase in sales in Sussex during the first five months of this year.

Average sales price gains in Delaware have stayed below the national average as the state deals with the loss of high-paying job in New Castle County a shortage of such jobs in Kent and Sussex.

CoreLogic reported that home prices as of May in Delaware were up 4.4 percent, a couple of percentage points lower than the national figure.

Brokers have been reporting strong sales in the lower-priced segments of the market and have been looking for listings to help meet demand. CoreLogic reported the shortage is occurring nationwide.

Interest rates remain low. However, lending requirements have been tightened following the subprime mortgage meltdown that contributed to a steep recession in 2008 and 2009.

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