The Beginning of a New Market!
Still debating if now is the right time to buy or sell? Thinking that you should wait another year to see the market go back to “normal”? Scared that it’s impossible to buy and sell a home in this market?
Well now is the time!
In the Delaware real estate market, homes are reaching a higher average home price, they are on the market for less time, and we are seeing a lower monthly supply!
The Market Showing Higher Highs!
After reviewing numbers from 2019, you’ll be able to see that now is the best time to make the decision to sell or buy a new home! To help explain the current market we have entered into and the market that will continue, let’s look at some key factors:
Median Listing Price
Median Sold Price
Average Days On Market
Comparing these numbers will help see our current market conditions!
Delaware 2019 to NOW!
In 2019 the data shows:
Average listed units- 1656/month
Median listed price- $269,990
Average monthly supply- 2.2 months
Median sold price- $250,000
Average days on market- 65
2019 was clearly a more “normal” market than it is now. Statistically, most people were buying homes for almost $20,000 less than they were listed! There were even some months where homes sold closer to $40,000 below average listed price!
The year of 2020 called for unexpected change for everyone. Staying home was the new normal.
People expected 2020 to become the worst year for real estate due to shut downs, mask mandates, and the rest of COVID chaos.
WELLLLL….. After looking at the numbers for 2020, those people would be wrong.
Average listed units- 1650/month
Median listed price- $289,000
Average monthly supply- 2.5 months
Median sold price- $277,320
Average days on market- 52
As you see most of those numbers look similar to those from 2019 but homes were selling at an average of 2 weeks faster and at $20,000 higher!
In 2021, the market is even hotter!
Average listed units- 1822/month
Median listing price- $319,000
Average monthly supply- 1.5 months
Median sold price- $300,000
Average days on market- 28
After seeing all the numbers together, we can see that in just two years homes have increased by $50,000 in equity and they are selling in half the time. Even though we are getting more inventory month after month, we are still seeing less of a monthly supply!
We have only just shown you the numbers for the whole state. Let’s check out how each county compares!
New Castle County data revealed!
Let’s take a look and see the performance from 2019 to now.
2019 data shows:
Average listed units- 722/month
Median listing price- $249,900
Average monthly supply- 1.8 months
Median sold price- $238,000
Average days on market- 46
Homes sold almost 3 weeks quicker and for only about $10,000 under the listed price! THAT WAS 2019! Who would’ve thought the market would’ve been that hot just those couple years ago!
2020 data shows:
Average listed units- 682/month
Median listing price- $264,900
Average monthly supply- 1.75
Median sold price- $261,000
Average days on market- 33
Now in 2020 we can see that there were less homes listed on the market but homes sold closer to the actual listing price! And they were selling in just a month from the time they hit the market!
Let’s see what 2021 has shown us to give you guys insight on what’s to come!
Average listed units- 790/month
Median listing price- $280,000
Average monthly supply- 1.25
Median sold price- $280,150
Average days on market- 20
Wow! Can you believe that more homes were listed in 2020 than in 2019 and they sold at or above listing price? More recent insight from July revealed that the median list price was at $285,000 and on average sold for $315,000. Take notice that although the prices of homes increased year after year, the amount of monthly supply decreased. This shows proof that we have a lack of inventory in today’s market.
Moving on down to Kent County!
Getting into the heart of Delaware lets see what market conditions were and currently are!
2019 data shows:
Average units listed- 268/month
Median listing price- $239,000
Average monthly supply- 2
Median sold price- $225,000
Average days on market- 62
These look not too far off from the numbers we saw as the overall average for Delaware!
2020 data shows:
Average units listed- 271/month
Median listing price- $252,250
Average monthly supply- 2.2
Median sold price- $244,900
Average days on market- 43
AMAZING! The number of homes listed didn’t move by much but homes sold for $20,000 more and sold much sooner. I hope by now you’re seeing the pattern year after year!
2021 data results to now:
Average units listed- 300/month
Median listing price- $284,900
Average monthly supply- 1.3
Median sold price- $270,000
Average days on market- 22
Relaxation down in Sussex County!
Home of Delaware’s beaches and small communities! Let’s see what the final county of Delaware looks like year over year.
2019 data shows:
Average units listed-665/month
Median listing price- $325,000
Average monthly supply- 2.9
Median sold price- $291,100
Average days on market- 91
Many homes down here took 3 months to sell but were selling at higher prices than most of Delaware. Many of these sales are beach homes that can be utilized as a second home or even an investment to rent out every summer and use it at your own leisure!
2020 data results:
Average units listed- 695/month
Median listing price- $349,900
Average monthly supply- 3.47
Median sold price- $325,000
Average days on market- 76
Even though we saw a spike in the monthly supply of homes they were still selling quicker and for close to $40,000 more than 2019!
2021 to now shows us:
Average units listed- 731/month
Median listing price- $395,000
Average monthly supply- 1.9
Median sold price- $355,000
Average days on market- 38
In 2021 we saw a huge dip in the monthly supply of homes and a spike in the prices! Homes were selling for a third of the time it took in 2019 at prices almost $70,000 more!
And so I ask again. Does it make the most sense to buy or sell now?
In a normal market we would usually see a monthly supply of 6 months, but with homes selling quicker than you can bring your car in to get serviced, when will that time come around again?
As the market data shows month to month, homes are listing at higher prices, closing at or above listing and are selling in less than 20 days. Why wouldn’t you want to take advantage of this time to get the most for your home?
If you’re buying, why not jump on it today and live in that forever home before prices rise again? Interest rates are still at an all time low, so buying a home today has never been cheaper.
Connect with us or a local realtor to stay informed of the market conditions. Month after month we are seeing new pricing and more competition. In two to fifteen years you will be happy you jumped on it now instead of waiting another year or two just to see where the market is heading!
Our August monthly update will soon be available to read or get connected with us and we will keep you informed of market trends!