Home sales and prices increased in Delaware’s three counties in April.
Both Berkshire Hathaway HomeServices Fox & Roach and Berkshire Hathaway Home Services Gallo in Sussex County reported increases and a decline in the number of days homes remained on the market.
According to BHHS Fox & Roach’s April HomExpert Report, the number of properties sold in April in the 12-county Greater Philadelphia region rose 35 percent from this time last year. There were 7,859 homes sold in April 2021, compared to 5,821 sold in April 2020.
BHHS Fox & Roach Kent and New Castle
- Total properties sold in Kent and New Castle Counties are up by 13.7%, from 783 sold in April 2020 to 890 sold in April 2021. New Castle County had a 9.5% increase in properties sold in April 2021, compared to April 2020 and Kent County increased by 25.7%.
- The average sale price in Delaware is up by 14.1%, from $253,179 in April 2020 to $288,859 in April 2021. New Castle County sale price increased 10.8 percent, and Kent County increased 17.8 percent.
- Average days on the market in Delaware decreased by 42.5%, from 44 days in April 2020 to 25 days in April 2021. The average number of days on the market in New Castle County decreased by 34.3%.
- The monthly average inventory in Delaware decreased by 21.7%, from 1,317 homes for sale in April 2020 to 1,031 for sale in April 2021. There were 19.9 % fewer homes for sale in New Castle County, and in Kent County, there were 25.3% fewer homes for sale.
- As of the end of April, 579 homes were on the market, decreasing 10% from the previous month’s end inventory of 646. This represents less than a two-month supply of inventory, with a current absorption rate of 357 homes sold per month thus far in 2021.
- A total of 527 new listings of single-family homes were on the market in April, with 72% under contract by the month’s end. Of the 579 homes on the market at month’s end, 46% of them are new construction.
- For the first four months of 2021, sales of single-family homes in Sussex County are up 22% from last year, with 1,428 homes sold compared to 1,173 for the first four months of 2020. The areas with the largest increase were the Georgetown Area, up 67%, and the Angola/Long Neck/Millsboro Area, up 47%. The only area with a decrease is the Milford/Lincoln/Slaughter Beach Area, down 12%.
- The average sales price of single-family homes in Sussex County is up over the first 4-month period of last year, $509,505 compared to $404,770, a 26% increase. The median sales price was also up over the first four months of 2020 at $374,900 compared to $315,000, a 19% increase.
- The average days on the market for homes going under contract decreased by 40% for homes sold through April of this year compared to last. In 2021, the current average days on the market are 53 days, compared to 89 days through April 2020.