Home selling inventory drops sharply in Delaware

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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, from924sold in August 2019 to954 sold in August 2020.

New Castle County had a 1.7 percentdecrease in properties sold in August 2020, compared to August 2019 and Kent County had an18.7 percentincrease in properties compared to August 2019.

Other highlights:

  • The average sale price is up by7.5 percent, from$250,447in August 2019 to$269,146in August 2020. New Castle County had an increase of7.2 percentand Kent County had an increase of7.8 percent.
  • The average days on market decreased by 29.7 percent, from51days in August 2019 to36days 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, from1,824homes for sale in August 2019 to1,249for sale in August 2020. In New Castle County, there were 33.5 percentfewer homes for sale, and in Kent County, there were 27.5 percentfewer homes for sale.
  • Properties under contract increased by33.7 percent, from869properties under contract in August 2019 to1,162properties 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 up3.9 percentfrom 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, with26,111homes on the market in August 2020, compared to35,406for 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 percentcompared to August 2019, with36average days on market in August 2020 and49average 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.

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