![]() Mottola said the market expanded when UD changed out its athletic department last fall. If it has an open kitchen and the old windows have been replaced, it will sell and sell quick.” If your house is in good shape there is demand at every price level. You’ll get multiple offers in the $800,000-to-$1.2 million range. It’s definitely top-heavy, and there is definitely resistance much above $1.4, $1.5, $1.6, but $800,000 to $1.2 will sell if it’s in good shape. “There’s a lot of inventory over $1 million. Victoria Dickinson of Patterson Schwartz just showed a house to an Incyte employee and one to her first Chemours transferee. Mia Burch of Long & Foster, who markets pricey properties in person, online and on social media, knows the litany of reasons why northern Delaware sells: “Property taxes are cheap. You can’t drive 20 miles and get more bang for your buck,” said Victoria Dickinson of Patterson Schwartz. “What it comes down to is we are an established market. In the past, that was a problem in our area. “What the stability has done is allow the buyer to have a confidence that they’re not going to buy something and then what they’ve bought could be sold for 4 to 5 percent less than they paid. “We’re seeing some strengthening in the market because interest rates have been considerably lower and there’s been stability,” said Stephen Mottola of the Mottola Group. “There’s been some slight uptick in the market. Joseph Pluscht, president of Patterson-Schwartz, said upper-end sales have improved, but 2015-2016 was slow. While no one has purchased the most expensive home in the county, a $5.5 million former duPont estate at 900 Old Kennett Road, million-dollar homes are selling this spring. One Chinese investor paid cash for eight houses. Young attorneys, well-heeled entrepreneurs and others who can afford them are buying again. Northern New Castle County is chock full of plum properties less than 15 minutes from downtown. Those are stunning statistics for a county where the median income is $65,476 and only one in 13 workers now earns more than $100,000. In April, 21 percent of sales were cash sales. They sold for an average of 87.5 percent of the list price. Twenty-nine homes priced over $750,000 have already sold this year in New Castle County, with an average price of $1.08 million, according to Bright MLS. Plum single-family homes with price tags of $750,000 and up are selling again – if they are in HGTV shape. But, in the month of May our business at Patterson Schwartz was off the chart, even in the upper group.” ![]() “The loss of MBNA was a huge loss, and we really haven’t recovered from that,” said Stephen Crifasi of Patterson Schwartz. Sales of $750,000-plus homes are up 9.5 percent so far this year, according to Bright MLS. The A-list real estate market in New Castle County is shifting but it is also picking up steam. Two pricey homes with MBNA honchos in their lineage are up for sale – a $5.5 million home on Old Kennett Pike and a $4.95 million one on Montchanin Road. The new buyers are entrepreneurs, foreign investors, some surgeons, big-firm attorneys, UD’s new athletic department execs and employees of Incyte, Chemours, JP Morgan Chase and Corporation Services Co. The era of MBNA executives buying up grand old homes and Chateau Country estates is kaput. Rockland Road under contract for nearly $4 million. This market summary is powered by Altos Research – click here to run a free report for your area.Laird Bunch of Brandywine Fine Properties/Sotheby’s International Realty has this home at 413 W. By the end of the year, inventory had increased to 1,285 homes on the market (+21%), with a median home price of $473,500 (+18%) and an average price per square foot of $260 (+18%).Īt the start of 2022, the median days on market (DOM) was 63 days – by the end of the year, median DOM had increased to 77 days.ĭelaware started the year with 17% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 38% of Delaware homes for sale had taken a price cut.įinally, Altos’ proprietary Market Action Index (MAI) shows that Delaware started 2022 as a strong seller’s market, with an MAI score of 48 by the end of the year, the MAI had dropped to 31 – a balanced buyer and seller’s market. Berkshire Hathaway HomeServices Fox & Roach, REALTORSĭownload the Rankings 2022 Market Summaryĭelaware started 2022 with a total of 1,061 single-family homes on the market, with a median home price of $400,000 and an average price per square foot of $220.
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