Delaware’s largest residential real estate firm reported double-digit gains in sales in most counties in its territory during the first 11 months of 2015.
Patterson-Schwartz reported the following increases in its monthly report.
In New Castle County, sales were up 16.5 percent from a year ago, with a 6.4 percent increase in the median price of homes sold.
The number of days the average home was on the market dropped to 64 days, a more than 4 percent decline from a year earlier and the inventory of unsold homes was down nearly 8 percent.
Kent County posted a 17.8 percent increase in homes sold over the same 11 months a year ago, with a 2.7 percent increase in the median sales price.
The number of days homes were on the market declined by about 10 percent, and the inventory of unsold homes dropped about 8 percent.
Home sales were up 9.9 percent in Sussex County in a comparison of 11 month periods in 2014 and 2015. The median price was up 1.7 percent. Sussex had been the area’s hottest housing market.
Southern Chester County PA saw a 19.6 percent jump in sold homes when compared to the first 11 months of 2014, with a 3.2 percent increase in the median sales price between 2014 and 2015.
Cecil County, MD saw a 25.1 percent home sales increase when compared to the first 11 months of 2014, with the median sales price up 2.2 percent over the past year.
A slowdown in home sales was reported in November, the National Association of Realtors reported. However, sales in New Castle and Kent counties were up in November, according to Patterson-Schwartz and TrEND, the multiple listing service for New Castle Kent and Chester counties.
Longer times to close sales were reported as new “Know Before You Owe” disclosure forms for buyers were issued. The forms are designed to simplify disclosure of loan terms.
Interest rates were raised by the Federal Reserve Board earlier this month. However, at least in the early going, the rates did not seem to be affecting mortgage interest rates.
