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January 2018

Home Sales Report for New Castle County

JANUARY 2018

Median Settled Price for January 2018: $219,000 up 1.9% vs. January 2017.

     Mean Settled Price: $235,940 down 6.3%.

Settled properties sold on average for 95% of original listed price vs. 93.5% for January 2017.

Median listed price of homes Pending* in January 2018: $214,900.

(*Pending means properties that are under agreement and off market but not yet settled.)

Median listed price of all homes For Sale during January 2018: $230,000: 7% higher than homes pending this month.

Homes Pending: 518: up 30 units or +6.1% vs. January 2017.

Homes For Sale on 2/28/18: 1,629; a 2.7 month Supply¹ the same as on 1/31/17.

Homes Settled in January: 410 up 2 units or +0.5% vs. 2017

New Listings in January 2018: 553 down 128 listings or -18.8% vs. January 2017.

Bank owned 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

Statistics with prices exclude condominiums.

Statistics 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
Steve@SteveLarrimore.com
Direct 302-559-9013 Office 302-999-9999
BHHS Fox & Roach, Realtors

88 Lantana Drive, Hockessin, DE 19707