While their neighbors to the South, in Maryland, seem to be in the midst of a robust climb towards a strong seller’s market, the statistics for sales in Delaware were surprising with Sussex County’s statistics showing a fluctuation, or stumble, in the market in 2016.
Delaware consists of three counties. From North to South; New Castle County, Kent County and Sussex County. In breaking down the statistics we examined each county individually to give us an accurate view of the overall sales market.
In this analysis we (www.oceancitybeachproperties.com) studied single family homes sales in the first quarter of each year, for comparison purposes.
New Castle County;
In 2015 there were 1053 homes sold with an average of 58 DOM (days on the market) and a selling price of $210.000.
In 2016, there were 1154 homes sold with an average of 55 DOM and average sold price of $214,000
In 2017 there were 1254 single family homes sold. The properties were (an average of) 69 DOM with an average sold price of $215,000. The statistics shows a modest increase in sold price of 0.5% in the price of properties sold in the first 3 months of 2017 compared to 2016. When comparing the current year to the same dates in 2015 there is an increase of 2.4% in sales price and an 19% increase in number of homes sold.
The market appears to be predictable with prices showing a steady rise in sold price from 2015 to 2017 bringing (a satisfying) first quarter of 2017 to a close in New Castle County.
In 2015, mid-state, there were 344 homes sold with 129 DOM and average sold price of $189,000
2016 saw 362 homes sold, with 100 DOM, and average sold price of $198,000. Indicating the properties were on the market 22% fewer DOM than a year ago, with a sold price of 4.7% more.
The properties jumped overall in price in 2016, and the trend continued into 2017.
In 2017 there were 463 Single family homes sold with 112 DOM and an average sold price of $199,000. The homes were on the market 12% longer than in 2016, and sold 0.5% higher. However, compared to to 2015, sales price showed an overall increase of 5.3%.
Sussex County; it was interesting to see a less stable market than the other two Delaware Counties in comparing the same time period;
In 2015 there were 592 homes sold at 180 DOM, and an average sold price of $370,976
In 2016 there were 563 homes sold at an average of 146 DOM and an average sold price of $347,161. A reduction of 6.4% of the price of homes sold, and 4.9% fewer homes settled.
In 2017, there were 717 single family homes sold, at 132 DOM with an average sold price of $368,106, holding a seller’s market at bay.
While less stable, with prices fluctuating from 2015 to 2016, the sales volume is recovering amazingly well in 2017. These statistics show a recent, more positive, trend from 2016 with Sussex County’s market increasing 6.3% in sold price with 9.6% less days on the market and an impressive 27.3% more homes sold.
Condo and townhouse sales in Sussex County have recognized slower growth with 424 properties sold in 2015 with an average selling price of $310,076 and 140 DOM, compared to 407 homes sold in 2016 for an average selling price of $292,315 and 146 DOM. 2017 did bounce back somewhat with 540 homes sold with 141 DOM and an average sold price of $326,091.
Although it seems the market has not fully transitioned to a seller’s market, all indications are that the market shows a definite movement towards healthy recovery. Even with the earlier stumbles in the market, it gives every indication it is moving away from a buyer’s market to the seller’s side. Perhaps this is a good time for buyers to take a careful, but ambitious, look at the market, and take advantage of the opportunity before the market leans more towards the Seller.