DAVE ILIFF, REALTOR®

REALTOR® in Delaware, Maryland and Pennsylvania

Market Update - A Local Perspective

Listing inventory is definitely down given the weather this winter season. Sellers who waited until the beginning of the year to put their home on the market will continue to wait. Sales are also down for the same reason – it’s just not conducive to be out looking at homes, touring open houses, etc. Unfortunately the demand will get postponed until spring and nice weather arrive.

On an interesting note, while open house traffic is slow, online traffic and inquiries have picked up significantly. Our Business Development Group has been very busy tending to both phone and email inquiries. Since many buyers don’t want to venture out in the conditions, they’ve decided to stay put and conduct their home search online for the time being.

New Castle County, DE

New Castle County  experienced a 9% year-over-year decrease in the number of sold homes for the first two months of 2014 compared to 2013 and a 4% increase in the median price of sold homes, from $180,000 to $187,000. The number of homes that went under contract in the first two months of the year decreased 20% from 2013.

Kent County, DE

For the first two months of 2014, Kent County experienced an 11% decrease in the number of sold homes compared to 2013 and a 10% increase in the median sales price from $163,500 to $180,000. The number of homes that went under contract in the first two months of 2014 increased 4% from 2013.

Sussex County, DE

For the first two months of 2014, Sussex County experienced a 9% increase in the number of sold homes compared to 2013 and a 1% increase in the median sales price from $226,000 to $228,000. The number of homes that went under contract in the first two months of 2014 decreased 5% from 2013.

Southern Chester County, PA

Southern Chester County  experienced a 4% year-over-year decrease in the number of sold homes in the first two months of 2014 compared to 2013 and a 5% decrease in the median price of sold homes, from $303,000 to $287,000. The number of homes that went under contract in the first two months of 2014 decreased 18% from 2013.

Cecil County, MD

For the first two months of 2014, Cecil County experienced a 7% increase in the number of sold homes compared to 2013 and an increase in the median sales price of 8%; from $166,450 to $180,410. The number of homes that went under contract in the first two months of 2014 decreased 19% from 2013.

Reports are based on data supplied by TREND MLS (DE/PA), MRIS MLS (MD) and/or SCAOR MLS (Sussex County, DE). TREND, SCAOR and/or MRIS do not guarantee nor are responsible for its accuracy. Data maintained by an MLS may not reflect all real estate activities in the market. Information is deemed reliable but not guaranteed.
Data is as of 3/10/2014.

Also In This Issue:

March 2014, Buyer/Seller Edition

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