Pike Creek, Newport, and Elsmere Real Estate Update

Pike Creek, Newport, and Elsmere continue to be popular areas for residents in northern New Castle County Delaware with affordable housing and loads of options.

Newport DEBetween Wilmington and Newark generally north of I-95 lie the communities of Pike Creek, Newport, and Elsmere.  This is a prime housing area due to its proximity and easy commutes to both Wilmington and Newark.  It also allows for easy access to I95 toward Philadelphia or south toward the Baltimore/Washington DC area.  Real estate housing is mixed throughout the area including everything from older historic homes to modern single family homes and condominiums.

Newport was one of the earliest settlements in the area and began development in the 1700’s as a potential trading hub and port.  Pike Creek HomesJust west of Wilmington, Elsmere did not really begin subdivision and development until the late 1800s and was incorporated as a separate town in 1909. Pike Creek is a census designated place, CDP, encompassing a broad area west and north of these communities, east of Newark and generally south of Hockessin.  The three zip codes of 19804, 19805, and 19808 cover the bulk of the three communities.

Real Estate Activity:
The real estate market activity here has mirrored what we have seen throughout much of the immediate area.  Home sale activity peaked in 2005 when there were 1137 completed home sales with an average of only 23 days on the market (DOM).   Delcastle Park DESince then both numbers have deteriorated with sales falling to 1057 in 2006 with 34 DOM, 957 in 2007 with 47 DOM, 744 in 2008 with 63 DOM, 702 in 2009 with 69 DOM, and 629 with 79 DOM.  These numbers represent an almost 45% fall in home sales pace and tripling of the average days on the market.

Pricing:
Home pricing has also experienced some decline in the area.  After the average home sale price first rose above $200,000 in 2005, the average sold price peaked in 2007 at $236,000. Since then the average fell to $221,000 in 2008, $212,000 in 2009, and 203,000 in 2010.  Some of this decline is a result of the home buyer incentives placing an emphasis on lower priced homes but this represents a 14% average price decline. County wide we saw an approximate 9% decline.

DE HomesIn 2011, there have been 18 sales with an average sales price of $173,000.  There are also 439 homes currently on the market with an average asking price of $208,000 and 47 homes currently under contract having an average asking price of $214,000. The 439 homes currently available represent an almost 8 month supply at the current sales pace (which is slightly less than the 9 month seen county-wide).

Overall sales activity has held up in the local area just slightly better than has been seen throughout the county, inventory is a bit less, while prices have declined slightly more.  With it’s great location, good transportation options, and wide variety of housing choices, the Pike Creek, Newport, and Elsmere area should remain a preferred housing choice as we move into 2011.

David Henke
Long & Foster Real Estate Inc – Bear, DE/Newtown Square, PA
Office: 302-290-2999/Cell: 610-618-0808
www.DelawarePAHomes.com

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


Advertisements

Tags: , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: