When you’re moving to a new area, you want answers to important questions. How are the schools? Which neighborhoods are most desirable? Is it a buyer’s or seller’s market? For those moving to Delaware’s Kent or New Castle County—an outstanding choice—I have the answers.
To help you make an informed decision on your new home, here is a snapshot of our local real estate market*. It is useful for sellers, too, as it provides a glimpse into current market conditions.
Inventory. In New Castle County, active inventory is approximately 9.4% lower than it was at this time in 2016. In Kent County, active inventory is approximately 5.3% lower than it was a year ago. This decrease in available homes indicates a shift towards a seller’s market.
Typical price range. The price range of homes in Kent County is $180,000 to $225,000. In New Castle County, it is $225,000 to $300,000. You get more bang for your buck here than in other Mid-Atlantic areas.
Average home price. Excluding foreclosure sales, the recent median “sold” price of homes in New Castle County is approximately $232,000, compared to $235,000 in 2016. This 1.3% decrease is making the area even more affordable. The recent median “sold” price of homes in Kent County is $199,000, compared to $197,000 in 2016. This is good news for sellers in Kent County.
Days on the market. These days, homes are on the market for about 55 days, compared with 61 days in 2016. So things are “moving” more quickly.
Sale-to-list ratio. This is calculated by dividing the selling price by the asking price and multiplying the result by 100. With the average sale-price-to-original-list-price at 94.3% in New Castle County and at 94.2% in Kent County, the current market is a bit more favorable to buyers.
Whether you are buying or selling a home in Kent or New Castle County, you are doing so in a robust market. Call me at (443) 309-4403. I’ll help guide you to optimal results.
* All statistics are from February 2017 MLS reports.