The residential real estate market is showing strength in the first nine months of 2015 with double-digit sales gains in most areas.
Patterson-Schwartz disclosed the gains in its latest report. The state’s largest residential broker reported the following:
New Castle County saw a nearly 18 percent increase in the number of sold homes for the first three-quarters of 2015 compared to 2014 and a nearly 7 percent increase in the median price of sold homes, from $205,000 to $219,000. The number of homes under contract in the first nine months of 2015 increased nearly 19 percent from 2014.
It was a similar story in Kent County, which saw a nearly 20 percent increase in the number of sold homes compared to 2014 and a 3 percent increase in the median sales price from $184,000 to $190,000. The number of homes that went under contract in the first nine months of 2015 increased 16 percent from a year ago.
Sussex County saw the smallest gain in sales in the region. For the first nine months of 2015, Sussex County experienced a 9 percent increase in the number of sold homes compared to 2014 and a 2.1 percent increase in the median sales price from $239,950 to $245,000. The number of homes that went under contract in the first three-quarters of 2015 increased 18.1 percent from 2014.
Cecil County, MD experienced a 31.1 percent increase in the number of sold homes compared to 2014 and an increase in the median sales price of 0.8 percent ; from $197,500 to $199,000. The number of homes that went under contract in the first three-quarters of 2015 increased 22.7 percent from 2014.
In its report, Berkshire Hathaway HomeServices Fox and Roach reported that New Castle County reported the biggest gain in home prices in the company’s territory, which includes Philadelphia and its suburbs, southern New Jersey and New Castle and Kent counties in Delaware.
Separately, the Sussex County Association of Realtors reported a stable year-over-year real estate market in southern Delaware.
Sp far in 2015, more than 4,000 properties, valued at $1 billion, have changed hands in Sussex County, across all real estate categories.
“While growth has definitely slowed over the last few quarters, what we’re seeing right now is a leveling out of our real estate market here in Sussex County, leading to more stability and more core strength,” says Fred Dean, 2015 president of SCAOR. “This is the kind of market we want to see, with stable sales and stable home prices that can be sustained, not like the ‘runaway train’ that we witnessed in 2006 and 2007. These numbers continue to be strong and we’re very encouraged with where our market is right now, and where we will think it will be in the future.”
Single-family home sales for the months of July, August and September are fractionally lower from the same period in 2014, with 1,044 properties being sold during the quarter
“As is usually the case, the third quarter was very strong for us here in southern Delaware because of the summertime crowds, the warm temperatures and the continuing interest in our area as a resort destination,” says Dean. “More people coming to the area are now content with living a short drive away from the beach, so areas like Millsboro and Selbyville and even Bridgeville are seeing strong numbers in recent years.”
The county’s commercial sector is the area that’s seen the most significant growth this calendar year, with more than $26 million in sales. This indicates a significant increase over 2014 figures, a release stated.
