First quarter reports are out showing higher sales prices and fewer sales during the wintry period. 
Figures indicate that New Castle County saw a 12% decrease in the number of sold homes for the first quarter of 2014 compared to 2013 . The county saw 6% increase in the median price from $180,000 to $190,000. The number of homes that went under contract in the first quarter of the year decreased 13% from 2013.
The figures, based on totals from area multiple listing services, were released in newsletters by real estate agents for Patterson-Schwartz, Hockessin, the state’s largest residential real estate firm.
Kent County posted a 12% decrease in the number of sold homes compared to 2013 and an 11% increase in the median sales price from $165,000 to $183,900. The number of homes that went under contract in the first quarter of 2014 increased 10% from 2013.
Sussex County remained the strongest in terms of sales among the state’s counties with a 3% increase in the number of sold homes compared to 2013 and a 0.6% decrease in the median sales price from $236,439 to $235,000. The number of homes that went under contract in the first quarter of 2014 decreased 4% from 2013.
Southern Chester County saw a 7% decline in the number of sold homes in the first quarter of 2014 compared to 2013 and a 0.2% increase in the median price of sold homes, from $315,000 to $315,477. The number of homes that went under contract in the first quarter of 2014 dipped 9% from 2013.
In the first quarter, Cecil County, Md. posted a 1% decrease in the number of sold homes compared to 2013 as well as an increase in the median sales price of 3%; from $175,900 to $180,990. The number of Cecil County homes that went under contract in the first quarter of 2014 decreased 7% from 2013. In general, the amount of time homes remained on the market was down, while the percentage of asking price for sold homes was up, both positive signs.
The first quarter was affected by several snowstorms and bouts of cold weather. At the same time, home sales price gains in Delaware have lagged behind the nation as a whole. This is partly due to the lack of as big a run-up prior to the economic downturn, and also because the economy that has not snapped back rapidly from the recession.
Lawrence Yun, chief economist for the National Association of Realtors, while mentioning the weather, stated earlier that the market is seeing “frictions of constrained inventory, restrictive mortgage lending standards and housing affordability. Some transactions are simply being delayed, so there should be some improvement in the months ahead. With an expected pickup in job creation, home sales should trend up modestly over the course of the year.”
