Delaware home sales market activity strong as inventory remains tight

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The residential real estate market remains strong despite a tighter inventory of homes for sale, according to the latest HomExpert report from Berkshire Hathaway Home Services Fox and Roach.

The report covers New Castle and Kent counties in Delaware. 

A separate Sussex County report from Berkshire Hathaway Gallo Realty showed smaller gains in sales activity and a sizable increase in sales prices year over year.

Similar findings were seen in a summary from Delaware-based  Patterson-Schwartz real estate.

According to the BHHS Fox &  Roach report, New Castle County partially bucked the regional trend of home sales gains being held down by a low inventory of listed homes. 

Overall, the number of properties sold overall in September of 2021, in the 12-county Greater Philadelphia region decreased 4.1% from the same period in 2020. A similar trend has taken place elsewhere.

Highlights for Kent, New Castle counties from BHHS Fox & Roach

  • Total properties sold in Kent and New Castle Counties are up by 9.6%, from 1,006 sold in September 2020 to 1,103 sold in September 2021. New Castle County had a 15.2% increase in properties sold in September 2021, compared to September 2020, while Kent County decreased by 3.7%.
  • The average sale price in Delaware is up by 10.5%, from $277,018 in September 2020 to $306,183 in September 2021. The New Castle County sales price increased 4.3%, and Kent County increased by 17.8%
  • Average days on the market in Delaware decreased by 33.3%, from 26 days in September 2020 to 17 days in September 2021. The average number of days on the market in New Castle County decreased 26.1%
  • The monthly average inventory in Delaware decreased by 3%, from 1,252 homes for sale in September 2020 to 1,214 for sale in September 2021. There were 0.7% more homes for sale in New Castle County, and in Kent County, there were 10.3% fewer homes for sale.
  • Properties under contract in Delaware increased by 9.6% from 1,002 properties in September 2020 to 1,098 properties in September of this year.

From Gallo – Sussex  at the end of September

  • Total single-family homes on the market, 734, up 3% from last month
  • Resale home inventory: 60% new construction, 40% existing, with  48% already under contract.
  • Total single-family homes sold to date, 3,654, up 3% from a year ago.
  • The median price of homes sold to date, $390,000, up 11% from a year ago.
  • Average days on market of homes on the market, 41, down 49% from a year ago.

In commenting on the Delaware Valley regional report, Berkshire Hathaway HomeServices Fox & Roach President Joan Docktor said, “there were less homes sold overall in September compared to the same month last year. With not enough homes available to buy, homes that are available are selling quickly and at higher than average prices.”

BHHS Fox & Roach is owned by Berkshire Hathaway Home Services, one of the nation’s largest residential real estate brokers. It’s part of the conglomerate headed by Omaha investor Warren Buffett. Berkshire’s holdings range from Helzberg Jewelers to the Burlington Northern Santa Fe railroad and Geico insurance. 

Gallo is an independently owned affiliate of BHHS.

The current lack of inventory, down payment requirements, and higher prices have frozen some would-be homebuyers out of the market.

In faster-growing metro areas, deep-pocketed institutional investors have been buying up homes with cash offers as investments and freezing out other buyers. The situation has gained the attention of the Biden administration.

 

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