Kent home sales market posts strong performance in ’14

0

Days on marketKent County posted the strongest home sales performance in 2014,  based on figures from Patterson-Schwartz  Real Estate. Patterson-Schwartz, based in Hockessin,  is the state’s largest real estate firm.

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.

Facebook Comments