In an effort to keep you abreast of what is going on with the real estate market in Delaware, I have compiled some statistics regarding New Castle, Kent and Sussex County. I pulled these statistics from the information provided from the multiple listing services provided through Trend and Innovia. I hope this helps you get a better understanding what is going on with the Delaware real estate market.
Employment is down, but so are mortgage interest rates. (an all time low in 50 years). Statistic also indicate that approx. 90% of adults are working. It has never been a better real estate market for the First time home buyers as it is now, as long as you have good credit and employment history. Home prices are now affordable and interest rates are outstanding. There are some great government programs that you can take advantage of if you qualify. (some you do not need to be a 1st time buyer). President Obama's stimulus package of up to $8000 is a great incentive to buy a home.
Now, check out the statistics below. In () I have included 2008 statistics for the same quarter in 2008 for comparison.
Average Sales Price
New Castle County - $240,900 average sales price (2008- $243,600)
Kent County - $200,700 average sales price (2008- $211,100)
Sussex County - $270,014 (2008- $378,765)
# of homes on market
New Castle County - 3,465 (2008- 3,123)
Kent County - 1,946 (2008- 1,794)
Sussex County - 8,150 (2008- 8,152)
# of homes sold
New Castle County - 787 (2008- 1,013)
Kent County - 201 (2008- 253)
Sussex County - 440 (2008- 633)
# New Homes Built
New Castle County - 62 (2008-106)
Kent County - 77 (2008- 101)
Sussex Couny 76 (2008 - 112)
Average Days on Market
New Castle County - 87 (2008- 76)
Kent County - 114 (2008- 89)
Sussex County - 227 (2008-208)
For more information on Delaware Real Estate, call or email Carol at Carol@creativechoicerealty.com or 302-684-5904