New Castle County DE Luxury Home Market Update

As we saw in Delaware County PA, New Castle County is also continuing to see a leisurely sales pace as we head into summer.

Centennial Luxury Greenville DEIn New Castle County DE, Luxury Home sales activity for those homes with a list price above $1,000,000 hit their peak in 2005 with 45 sales at an average price of $1,704,000.  Since then, as we have seen in many of the local areas, sales have been declining to 42 sales in 2006, 39 in 2007, and 28 in 2008.  Year-to-date in 2009, there have been eight settled home purchases with another 4 properties currently under contract.

As may be expected, pricing has been a bit more erratic with average pricing reaching $1,704,000 in 2005, dropping to $1,579,000 in 2006, rising to $1,703,000 in 2007, and dropping again to $1,409,000 in 2008.  New Castle County Luxury StatisticsPricing in this range is greatly impacted by the highest priced sales for any given year.  The high price also peaked in 2005 at $4,075,000 with the highest price being $2,548,000 in 2006, $3,926,000 in 2007, and $3,145,000 in 2008.

Today, there are an additional 56 homes currently on the market with an average list price of $1,809,000 and a top list price of $4,500,000.   There are also an additional 4 homes under contract at an average list price of $1,395,000 so it appears that in addition to the sales volume possibly coming in below 2008, the average prices could ease a bit further as well.  As we have noted before, the homes in this price range remain centered in the Greenville/Rt 52 corridor with scattered listings toward Newark and south of 95.

NC StrandBottom Line: Clearly with only 12 properties either sold or under contract in almost the first 6 months of the year and an additional 56 homes on the market at this time, this remains a challenging section of the market with rising average days on the market.  Buyers have the apparent edge and sellers must continue to watch the recently sold homes very carefully to be sure that they have not inadvertently priced themselves out of the market.  As we continue forward and have a better feel for the overall economy, this segment should begin to respond as confidence builds and financing continues to become more readily available.

As always, if you are thinking of a move or have any questions, please do not hesitate to contact me anytime.

(All statistics are per the TrendMLS System and believed accurate but not guaranteed)

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