Delaware homes sold quickly in Kent and New Castle counties as the inventory dropped sharply, according to the August report from Berkshire Hathaway Home Service Fox & Roach.
Total properties sold in Kent and New Castle Counties rose by 3.2 percent, from 924 sold in August 2019 to 954 sold in August 2020.
New Castle County had a 1.7 percent decrease in properties sold in August 2020, compared to August 2019 and Kent County had an 18.7 percent increase in properties compared to August 2019.
Other highlights:
- The average sale price is up by 7.5 percent, from $250,447 in August 2019 to $269,146 in August 2020. New Castle County had an increase of 7.2 percent and Kent County had an increase of 7.8 percent.
- The average days on market decreased by 29.7 percent, from 51 days in August 2019 to 36 days in August 2020. The average days on market in New Castle County decreased by 30.2 percent.
- Monthly average inventory decreased by 31.5 percent, from 1,824 homes for sale in August 2019 to 1,249 for sale in August 2020. In New Castle County, there were 33.5 percent fewer homes for sale, and in Kent County, there were 27.5 percent fewer homes for sale.
- Properties under contract increased by 33.7 percent, from 869 properties under contract in August 2019 to 1,162 properties in August 2020.
“The delayed spring market has resulted in an increase of properties sold and the number of signed contracts during the summer months,” stated BHHS Fox & Roach President Joan Docktor. “While the inventory of homes for sale is still down, homes are selling quickly and for a higher than average price,.”
The number of properties sold overall in August of 2020, in the 12-county greater Philadelphia region, was up 3.9 percent from this time last year, according to the report.
The number of homes for sale overall in the 12-county Greater Philadelphia region is down by 26.3 percent, with 26,111 homes on the market in August 2020, compared to 35,406 for sale in August 2019.
The average days a house stayed on the market overall in the 12-county Greater Philadelphia area has decreased by 26.5 percent compared to August 2019, with 36 average days on market in August 2020 and 49 average days on market in August 2019.
BHHS Fox & Roach does not operate in Sussex County.
Berkshire affiliate Gallo Realty, Rehoboth Beach did not report monthly figures, other than an 11 percent decline in the number of homes listed. Year to date, the number of homes sold was up by 10 percent, with the median price up 12 percent.
