New Castle County and Cecil County MD posted the strongest first quarter home sales performances, according to a report from Delaware’s largest residential broker, Patterson-Schwartz.
The figures are based on Multiple Listing Service reports for the counties in the firm’s market area
New Castle posted a 9.4 percent increase in home sales when compared to the same period a year ago. Home prices were up about 1.5 percent over the same period. The median price of homes sold rose from $204,500 to $207,500.
New Castle and Cecil, saw sluggishness in their respective recoveries from the downturn of 2008-2009. The downturn led to loss of both of the Delaware county’s auto plants as well as cutbacks at other major employers. Of late, New Castle County has seen a surge in job growth.
Cecil, which has traditionally seen high unemployment rates by Maryland standards, was heavily affected the travails of the New Castle County’s economy, since many of its residents commute to Delaware. The county was also the home of many Chrysler workers.
Cecil saw a 23.3 percent jump in the number of sold homes compared to 2015 and an increase in the median sales price of 2.8 percent; from $180,000 to $185,000.
Kent County saw a nearly 5 percent increase in home sales compared to the first quarter of 2015. Median sales prices were up 188,700 to $193,000, a gain of 2.3 percent.
After being the hottest housing market in the state, Sussex County saw a 0.7 percent decrease in sales for the quarter. Sussex brokers have said the decline reflects a stable market in the county, which saw a sales surge in recent years.
Adjoining southern Chester County, PA saw a 1.1 percent decrease in home sales in the first quarter compared the same period in 2015 with no change in the median price that runs about $320,000.
