Klair Estates home values and sales activity have continued to be stable recently.
Klair Estates is a nice single family home development of just over 300 properties developed in the 1950s. Located on the Kirkwood Highway on the south east corner of the intersection of Kirkwood Highway and Limestone Road (Route 2 and Route 7), Klair Estates is nicely located for anyone needing quick access throughout New Castle County. This prime location places it almost equidistant from Newark, New Castle, Hockessin, and Wilmington with quick access up Route 7 into Pennsylvania or south on Route 1 to the beaches. Just to the south, I-95 provides freeway access to Philadelphia and Baltimore.
Klair Estates was developed primarily in the 1950s with the earliest properties being completed in 1954 based on the tax records. These were primarily ranches along Shady Dr with approximately 1150-1700 sqft. Over the next few years building continued with a mix of ranches and split level properties primarily in the northern part of the development. Klair Pl, Harris Pl, and Weir Circle saw construction beginning in 1955 and continuing from 1957 through 1959. By 1959, construction had also moved down to Sharon and Sandy Dr with primarily ranches in the 1700 sqft range. Overall construction began in 1954 and continued through 1965 with a mix of ranch and split level homes, mostly 3 bedroom, ranging from 1075 to over 2000 sqft.
As we have seen throughout New Castle County, Klair Estates has experienced a price pull back and rebound since the recession started in 2008. The average sales price peaked in 2006 when there were 9 sales with an average sales price of $230,000 and 28 days on the market. The prices stayed basically the same in 2007 and then dropped to $206,000 with 10 sales in 2008 and $181,000 with 9 sales in 2009. Average prices bottomed in 2010 with only 5 sales averaging $164,000.
Prices recovered to an average sales price of $183,000 in 2011, and have remained fairly stable at $175,000 with 5 sales in 2012 and $175,000 with 4 sales year to date in 2013. There are also 3 properties currently available for sale with an average asking price of $185,000 and individual prices ranging from $140,000 to $214,000 - about in line with the prices that we have seen over the last several years.
Going forward, Klair Estates home prices should continue to benefit from the increased sales activity and solid to rising home prices that we are seeing throughout the Pike Creek / mid county region. Be sure to include it on any search for homes in the area.
Long & Foster Real Estate Inc – Wilmington, DE/Devon, PA
Office: 302-834-3431/Direct: 610-618-0808
(All statistics per the TrendMLS System and believed accurate but not guaranteed)