In 2014, Kent saw an 8.8 percent increase in the number of sold homes compared to 2013 and a 4.5 percent increase in the median sales price from $176,950 to $185,000. The number of homes that went under contract in 2014 rose more than 16 percent from a year earlier.
In recent years, Kent had been seeing weaknesses in its economy with the loss of retail and manufacturing jobs as well as cutbacks in military spending that affected Dover Air Force Base.
By contrast, New Castle County, saw a 4.6 percent decrease in the number of homes sold for 2014 compared to 2013 and a 3.5 percent increase in the median price of sold homes, from $198,000 to $205,000. The number of homes that went under contract in the 2014 decreased 2.6 percent from 2013.
Sussex County, which has seen a stronger performance that the two other counties in the state, recorded a a 1.8 percent decrease in home sales compared to 2013 and a 0.6 percent decrease in the median sales price from $246,500 to $245,000. The number of homes under contract in 2014 decreased 2.6% from 2013.
A factor in the sales picture in Sussex County was a more than 15 percent drop in the inventory of homes at the end of the year a sign of a sustained period of stronger sales.
Kent County saw a 6 percent drop in inventory, while New Castle County’s inventory was up 0.4 percent. The average number of days homes were on the market dropped in Kent and New Castle counties, but was up 15 percent in Sussex.
Two other counties in the Patterson-Schwartz market reported the following:
Southern Chester County posted an a 0.8 percent increase in the number of sold homes in 2014 compared to 2013 and a 6 percent increase in the median price of sold homes, from $320,000 to $339,250. The number of homes under contract in 2014 increased 0.5 percent from 2013.
Cecil County, MD posted a stronger performance in 2014 with home sales up 7.2 percent and an increase in the median sales price of 0.1 percent ; from $193,950 to $194,200. The number of homes that under contract in 2014 increased 12.1 percent from 2013.
The report was based on data from TREND MLS (DE/PA), MRIS MLS (MD) and/or SCAOR MLS (Sussex County, DE. Click here for the full report.