Delaware Real Estate Market Update for December 2013

Delaware Real Estate Market Update for December 2013

The monthly update on the local real estate market in Wilmington, Chester, Cecil County Areas from John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware.

New Castle County, Delaware

New Castle County recorded a 3% increase in homes sold year over year. The median home price of homes sold increased from $185,000 to $198,000 which is a 7% increase. The total number of homes that went under contract to be sold in the first eleven months of 2013 increased by 4% from 2012. This shows that the New Castle County Real Estate Market is a market that is experiencing an increase in home selling activity as well as an increase in the value of homes sold.

Kent County, Delaware

Kent County recorded a 7% increase in the number of homes sold year over year from 2012 to 2013. The median home price for homes sold increased by only 1% from $175,000 to 176,000. The total number of homes that went under contract to be sold in the first eleven months of 2013 increased by 4% from 2012. This shows that the Kent County Delaware Real Estate Market is picking up in the number of homes sold but the price of the homes being sold is not increasing so the market is still struggling to get home price appreciation.

Southern Chester County, PA

Southern Chester County recorded an 11% year over year increase in the number of homes sold from 2012 till 2013 but only a 1% increase in the median price of homes sold from $319,950 to $324,500. The number of homes that were put under contract to be sold during the first eleven months of 2013 increased by 8%. This shows the Chester County Real Estate Market is picking up in terms of the number of homes being sold but is struggling to increase the average price of homes being sold.

Cecil County, Maryland

Cecil County experienced a 13% increase in the number of homes sold year over year from 2012 to 2013 but it actually had a decrease in the median sales price of 1.5% from $195,400 to $192,500. The number of homes that went under contract for the first eleven months of 2013 increased by 17%! This shows the Cecil County Real Estate Market is picking up in terms of the number of homes being sold but the price of homes is actually going down.

The data used in this update was from TREND MLS (DE/PA) and/or MRIS MLS (MD) but there is no guarantee nor responsibility for the accuracy by these sources.

If you are looking to purchase a home in Delaware, Maryland, or Pennsylvania the first step is to get pre-approved for a mortgage by a certified mortgage planner. Call 302-703-0727 to get a fast pre-approval to purchase a home in Delaware. Call 410-412-3319 to get pre-approved to purchase a home in Maryland. Call 610-960-3109 to get pre-approved for a mortgage to purchase a home in Pennsylvania.

If you would like to get educated on the home buying process you can attend one of the next Home Buyer Seminars

January 18, 2014 – Newark, Delaware

January 25, 2014 – Towson, Maryland

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713