Home Sales Report for New Castle County
Price for January 2018: $219,000 up 1.9% vs. January
Mean Settled Price: $235,940 down 6.3%.
properties sold on average for 95% of original listed price vs. 93.5% for January
price of homes Pending* in January 2018: $214,900.
(*Pending means properties that
are under agreement and off market but not yet settled.)
price of all homes For Sale during January 2018: $230,000: 7% higher
than homes pending this month.
518: up 30 units or +6.1% vs. January 2017.
Sale on 2/28/18: 1,629; a 2.7 month Supply¹ the same as on 1/31/17.
in January: 410 up 2 units or +0.5% vs. 2017
in January 2018: 553 down 128 listings or -18.8%
vs. January 2017.
properties were 11.3% of the sales in January, down
from 12.6% in December;
short sales were 2.7%, down from 4.1%; for a
total of 14% distressed, down from 16.7%.
¹ A 5-6 month
supply indicates a balanced market. Less=Seller’s More=Buyer’s
Based on pendings
prices exclude condominiums.
regarding number of units include all residential except mobile homes.
Another interesting thing about condos is that
year after year, nearly 50% of them are sold for cash compared to about 20% for
SF’s. Seems obvious since many
condominium purchasers are people who have sold the big family home, are
downsizing to a condo and using their sale proceeds to pay for it but I had
never looked at the numbers before.
As you might expect, months supply of inventory
varies by price range with moderately priced homes being in a strong seller’s
market but I expected that the higher end would be a buyer’s market but it is
actually in the balanced range. $125,000-$224,000 has a 2.1 month supply, $225,000-$349,000 is 2.5,
$350,000-$499,000 is 4.1 and $500,000-$800,000 is 6.3. Homes over that have an 11.9 month supply but
the sample size is too low to have that mean much.
The interest rate for a 30 year fixed is 4½%;
the same as my last report. During that
time period, it moved up an eighth or so and back down but still was around 4½%.
A preview of February’s numbers which will
likely change: Pendings down 15% compared to
last February, Settleds up 5% and Median Sales
Price up 2%.
Based on information from TReND
MLS for the period 1/2017 through 2/2018
© 2018 Stephen Larrimore
Steve Larrimore, Realtor
Direct 302-559-9013 Office 302-999-9999
BHHS Fox & Roach, Realtors
88 Lantana Drive, Hockessin,