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New Castle County Delaware & North Wilmington DE Home Sales Update

Inventories steady and activity rises as home prices remain at a more sustainable level in North Wilmington and throughout New Castle County.

Since the last update in April covering the first quarter, activity and pricing have continued to remain strong. In all of New Castle County DE the average sales prices year to date rose from $195,000 in April to $212,000. The average Days on the Market (DOM) fell from 95 days to 86 days. The below updated data show the trends for both all of New Castle County and the Brandywine/North Wilmington Areas.

New Castle County:
For 2012 through September:
Year: Homes Listed | Homes under Contract | Homes Sold
2012: :      
6285                   4273                        3912
Average Home Sold for $212,000 in 86 Days
For the entire Previous Years:

2011: :      8568                   4708(54%)               4404(51%)
Average Home Sold for $218,000 in 94 Days
2010: :      9795                   4322(44%)               4247(43%)
. Average home Sold for $242,000 in 80 days
2009: :     
9351                   4939(52%)               4794(51%)
. Average home Sold for $240,000 in 79 days

For Brandywine/North Wilmington:
For 2012 through September:
Year: Homes Listed | Homes under Contract | Homes Sold
2012: :      
872                    658                         601
Average Home Sold for $245,000 in 83 Days
For the entire Previous Years:

2011: :      1234                   755(61%)                754(61%)
Average Home Sold for $252,000 in 91 Days
2010: :      1442                   721(50%)                694(48%)
. Average home Sold for $269,000 in 74 days
2009: :     
1231                   774(62%)                762(61%)
. Average home Sold for $272,000 in 72 days

The North Wilmington / Brandywine area saw an even larger incease with average home sales price climbing from $222,000 to $245,000 (up 10%) The average Days on the Market fell from 96 to 83 days.

Possibly even more significant, the active inventory as of today (Oct 26) fell from 3,327 homes throughout New Castle County in 2011 to only 2,469 today - down over 25%. Homes under contract but not yet sold have risen from 754 in 2011 to 875 today (up 16%). With this continued strong activity and tighter inventory, we may not experience the large price declines traditionally seen as we go through the winter months.

Buyers are continuing to benefit as they take advantage of the lower prices and lower financing costs. This has also allowed sellers to sell their current properties and move into new homes profiting from better pricing and lower interest rates.

Some neighborhoods and areas throughout the county have continued to remain under pressure due to foreclosures and low activity, but throughout the wider area, this has helped the market remain at a more stable level overall.

As always, if you are thinking of a move and would like more details on the market values in your area, please do not hesitate to contact me anytime for a market update or a complete complimentary market analysis for your home.

David Henke
Long & Foster Real Estate Inc – Wilmington, DE/Devon, PA
Office: 302-834-3431/Direct: 610-618-0808
www.DelawarePAHomes.com

(All statistics per the TrendMLS System and believed accurate but not guaranteed)

Comment balloon 0 commentsDavid Henke • October 26 2012 07:50AM
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