Residential real estate firm Berkshire Hathaway HomeServices Fox & Roach reported that sales in northern and central Delaware were down by double digits in 2022.
“The real estate market in 2022 closed out with sales behind 2021 by approximately 17% in our area,” said Berkshire Hathaway HomeServices Fox & Roach President Joan Docktor. “One factor is that interest rates rose in 2022 and peaked at 7% in October, causing an even steeper decline in sales in the last quarter of the year. Buyers took to the sidelines and would-be sellers decided to stay put.
The real estate company operates throughout the Delaware Valley.
Combined numbers for Kent and New Castle Counties showed total properties sold are down by 17.4 percent, from 11,743 in 2021 to 9,700 in 2022. The average sale price increased by 10.2 percent, from $311,386 in 2021 to $343,264 in 2022. The monthly average inventory increased by 7.1 percent, from 28 days in 2021 to 30 days in 2022.
Findings are compiled using the company’s HomExpert Data, which analyzes BRIGHT Multiple Listing Service (MLS) data.
Bekshire Hathaway Fox & Roach does not operate in Sussex County.
However, year-end figures from Berkshire Hathaway HomeServices PenFed Realty, formerly Gallo, also reported 4,173 home sales in the county, a 17% decline in sales from the previous year.
The company reported 938 homes on the market, a decrease of 9% from the previous month’s end inventory of 1,034. Of the 938 homes on the market at month’s end, 50% are new construction.
The average sales price of single-family homes in Sussex County is up over last year, $584,052 compared to $525,463, an 11% increase.
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