Delaware County PA Home Sales Update – June 2023

The home sales rate in the Delaware County Pennsylvania real estate market continues to be constrained by a very low inventory.

The 2023 Delaware County PA home sales rate appears to be reduced due to a very low inventory. Active inventory has continued to fall on a yearly basis for the last five years. Even though home sales activity year to date has fallen 27%, inventory has fallen an additional 16% rather than rising as would be expected. 

Delaware County Home Sales Activity as of June 15 by year:

Year	Active	Pending	Sold thru 6/15
2023	522	624	2241
2022	610	968	3070
2021	650	1298	3090
2020	986	720	2249
2019	1416	1026	2675
2018	1839	1306	2841
2013	3322	949	2583

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

Compared to the pre-Covid rate 5 years ago in 2018, the numbers are even more dramatic. Sold homes have fallen by 21% while active inventory has fallen by 71%. Compared to 10 years ago, the active inventory has fallen by over 80%.

After years of unusually low interest rates, it appears that many potential home sellers either cannot afford to or do not want to give up their very low rates. Even if they would like to move, with inventories this low, many cannot find a suitable new home to buy. Despite the higher interest rates, it remains a sellers market in most areas throughout the county.

For more details about sales in 2022, check out the 2022 Delaware County summary:

As always, if you have any questions, please do not hesitate to contact me anytime.

David Henke
Long & Foster Real Estate, Inc
Devon PA / Wilmington DE
Office:610-225-7400 / Direct:610-618-0808
www.DelawarePAHomes.com

Chester County PA Home Sales Update

For the first half of 2022, the Chester County PA housing market continues to be strong but appears to be constrained by very limited inventory.

Currently, there are only 672 properties on the market compared to 852 properties in 2021 – down 22%. Active inventory is also down 46% from 2020 and 73% from 5 years ago in 2017.

As seen on the attached chart, overall sales and pending sales have been much more consistent. Even with the drop in inventory, there has only been a 5% drop in sales and 23% drop in pending sales.

Overall, we are continuing to see strong demand throughout the area. The recent increase in housing prices and interest rates are having an impact but demand continues to out strip supply. Multiple offers, limited inspections, and all cash offers continue to be common.

As always, please feel to reach out if you have any questions or are considering a move.

David Henke
Long & Foster Real Estate Inc – Wilmington, DE/Devon, PA
Office: 610-225-7400/Direct: 610-618-0808
http://www.DelawarePAHomes.com

Delaware County PA Home Sales Update

As seen in 2021, Delaware County PA home sales are off to a fast start in 2022.

For the second year, home sales in Delaware County Pennsylvania continue to be high but appear limited by the lack of active inventory.  Active inventory is down 16% from 2021, down 59% from 2020 and 80% from 2017. 

Year-to-date sales are basically level with 2021, but are 23% higher than in 2017. Pending sales have been fairly stable, down 4% from 2021 and 7% from 2017.

As seen in adjacent counties, the overall home sale market in Delaware County continues to be very tight with very low inventory. Sales activity appears constrained by the limited inventory. Multiple offers, limited inspections, and cash offers continue to be common issues for buyers on many properties.

If you need any additional detailed information on your area, contact me anytime.

David Henke
Long & Foster Real Estate Inc – Wilmington, DE/Devon, PA
Office: 610-225-7400/Direct: 610-618-0808
http://www.DelawarePAHomes.com

New Castle County Delaware Home Sales Update

As in 2021, home sales in New Castle County Delaware are off to a fast start.

For the second year, home sales in New Castle County Delaware continue to be high but appear limited by the lack of active inventory.  Active inventory is basically flat with 2021 but down 56% from 2020 and 77% from 2017. 

Year-to-date sales dropped 13% from 2021, but are 10% higher than in 2017. Pending sales continue to drift lower, down 6% from 2021 and 20% from 2017.

Overall the home sale market in New Castle County continues to be very tight with very low inventory. Sales activity is down from 2021 but that may be a result of the limited inventory. Multiple offers, limited inspections, and cash offers continue to be common issues for buyers on many properties.

If you need any additional detailed information on your area, let me know.

David Henke
Long & Foster Real Estate Inc – Wilmington, DE/Devon, PA
Office: 610-225-7400/Direct: 610-618-0808
http://www.DelawarePAHomes.com

Delaware County PA and New Castle County PA Home Sales

As of this morning, the MLS shows that both New Castle County DE and Delaware County PA have closed exactly the same number of properties – 4,477 properties sold in each county year to date.

This also happened in June for Chester County and Delaware County so I thought this would be a good time for another quick sales update for Delaware County PA, Chester County PA, and New Castle County DE.

Delaware County PA: Currently there are 1,451 properties on the market or coming soon, 857 properties pending, and 4,477 properties sold. This compares to 2018 with 1,736 on the market, 912 pending, and 4,635 sold. We are currently running about 3.5% behind last year in properties sold along with lower inventories and lower pending.

New Castle County DE: Currently there are 1,451 properties on the market or coming soon, 901 pending, and 4,477 sold. In 2018, there were 1,717 on the market, 967 pending, and 4732 sold. This puts us about 5% behind last year also with lower active listings and pending properties.

Chester County PA: Chester County is now the strongest area with 1,705 on the market, 1047 pending, and 4,571 sold year to date. In 2018, there were 2,083 on the market, 1,167 pending, and 4,808 sold. These numbers also put us about 5% behind last year.

Overall the market activity continues to show weakness throughout all three counties compared to 2018. On the other hand, we have gained versus the weak numbers we saw in June . With the continued volatility in the econmy, markets, and activity worldwide, the market could continue to exhibit some weakness through the remainder of the year.

David Henke
Long & Foster Real Estate Inc – Devon, PA/Wilmington, DE
Office: 610-225-7400/Direct: 610-618-0808
http://www.DelawarePAHomes.com

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

Newtown Square PA Real Estate Update

Newtown Square continues to be a prime destination for those looking for a more relaxed suburban lifestyle but still being only minutes from the Main Line, Philadelphia International Airport, and all that Delaware County, Chester County, and Philadelpia have to offer.

With its ideal central location, Newtown Square has always been a top destination in the area. Today the real estate market continues to thrive as prices remain relatively stable and new development continues throughout the Township. Older developments continue to see stable to rising prices with many upgraded, expanded, and rehabbed homes. This activity accompanies the expanding new construction projects throughout the Township. There is also a good mix of new commercial development like the new shops and restaurants of Ellis Preserve that provide a new dose of variety for the area.

Overall Newtown Square real estate prices have remained relatively stable but the numbers do not catch all the activitty in the new home developments. Since 2010, average sales prices have seen a broad range from $440,000 to $554,000 while sales activity has seen a continued growth on a year to year basis. In 2010 there were 109 sales with an average sales price of $542,000 and 79 days on the market. Reported sales prices subsequently fell in 2011 to $440,000, then averaged $499,000 in 2012, $508,000 in 2013, $554,000 in 2014, $502,000 in 2015, and $477,000 in 2016. Sales activity has seen a more steady rise as home sales rose to 126 sales in 2011, 158 in 2012, 157 in 2013, 198 in 2014, 188 in 2015, and 214 in 2016.

In 2017, there were 247 home sales with a reported average sales price of $538,000 with an average of 65 days on the market. So far in 2018, there have been 18 sales at an average sales price of $546,000 with 73 days on the market. Currently there is a wide variety of available homes with prices for condos starting at $169,000, townhomes from $179,000, and single family properties from $324,000. Prices top out at $3,500,000 with 16 properties listed for more than $1,000,000 in Newtown Township.

It appears that Newtown Square will continue to be a prime destinantion for families looking to live in western Delaware County. Its wide variety of housing, new home construction, great location, and strong commercial development should continue to drive growth in the area that should attract a strong and growing residential housing demand.

David Henke
Long & Foster Real Estate Inc – Newtown Square, PA/Wilmington, DE
Office: 610-225-7400/Cell: 610-618-0808
www.DelawarePAHomes.com

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

Home Sales Continue to Rise in 3 County Area

Quick update to my August 3 sales update:

All three counties continue to have strong sales with Chester County just barely leading the way. Chester County now has 5,305 settled sales year to date (up 4% from 2016 and 39% from 2012). New Castle County is slightly behind at 5,264 sales to date (up 12% from 2016 and 38% from 2012). Finally Delaware County now follows with 5,209 sales (up 5% from 2016 and a huge 47% from 2012!)

As you can see, we continue to have strong volume with rising sales across the board compared to last year and five years ago.

from August 3, 2017:

Well that’s unusual. All three counties with almost identical closed sales.

Generally I work in three counties in the area; Delaware and Chester Counties in PA and New Castle County County in Delaware. I also usually check the statistics daily for each county.

As you would expect, there is a wide variation in sales rates and volumes as particular areas become more popular or not over time. As the year progresses, there are usually clear winners and losers.

Not this year. Today I just happened to notice that the settled sales year to date total:

Delaware County: 4264 Homes reported sold in MLS

Chester County: 4267 Homes

New Castle County: 4268 Homes

A difference of only four properties for all three counties.

In 2016, the comparable data for today was Delaware at 3,974, Chester at 3,992, and New Castle County at 3,754. Five years ago saw Delaware at 2,806, Chester at 3,032, and New Castle at 3,090.

Bottom Line: Good news for all three counties! Sales continue to rise in all three counties and all three are equally robust.

David Henke
Long & Foster Real Estate Inc – Devon, PA/Wilmington, DE
Office: 610-225-7400/Direct: 610-618-0808
http://www.DelawarePAHomes.com

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

Chester County PA Home Sales Update

For the first half of 2017, the Chester County housing market continues to strengthen and looks to remain strong through the balance of 2017.

As of July 1 throughout Chester County, there were 2,541 properies currently on the market, 1,271 homes under contract, and 3,421 homes had settled at an average sales price of app $368,000.

This compares to July 1, 2016 when there were 2,858 active properties, 1,323 under contract, and 3,147 properties had sold with an average sales price of $356,000. This indicates a 12% drop in inventory, an 8% rise in sales, and a 3% rise in price in 2017.

For more perspective, if you go back 5 years to 2012 on July 1, there were 3,669 properties on the market, 867 under contract, and 2,452 had settled with an average sales price of approximatley $327,000. Between 2012 and 2017, this shows a 31% drop in inventory, a 46% rise in properties under contract and a whopping 39% increase in completed sales with a 12% rise in average prices.

These are all strong numbers but it must be remembered that this covers the entire county so individual areas have seen a much broader range of price changes and activity, both good and bad. Just a quick update of the raw numbers as we head into the second half of the year.

I hope everyone is having a great year!

David Henke
Long & Foster Real Estate Inc – Devon, PA/Wilmington, DE
Office: 610-225-7400/Direct: 610-618-0808
http://www.DelawarePAHomes.com

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

Delaware County PA Home Sales Continue to Improve!

Delaware County PA home sales continue to improve in 2017.

It just keeps getting better. As of April 5, 2017 throughout Delaware County, there were 2312 properties on the market, 1050 under contract, and 1312 properties have settled since the first of the year.

These numbers all improved over 2016. Today last year, there were 2879 homes on the market, 1000 properties under contract, and 1206 properties sold. The 2017 numbers represent a 20% drop in inventory, 5% increase in properties under contract, and 8% increase in sales year to date.

They have improved every year for the last five years. Compared to 2012, the 2017 statistics show a 35% drop in homes on the market (from 3,570 in 2012), a 26% increase in those under contract (from 828 in 2012) and a healthy 50% increase in completed sales (from 869 Homes in 2012)

Since the election in November, we have continued to see a strong increase in sales and activity throughout the area. There has also been quite a bit of variation from township to township, so not all areas have been benefiting to the same extent, but the trend today is your friend.

David Henke 
Long & Foster Real Estate Inc – Devon, PA/Wilmington, DE 
Office: 610-225-7400/Direct: 610-618-0808 
http://www.DelawarePAHomes.com

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

Quick 2015 Delaware County PA Wrap Up

So how did it go in Delaware County real estate last year? – Pretty Good!

Although there has been a wide variation in activity throughout the county and townships, the overall market has continued to strengthen.

From January 1, 2015 through January 4, 2016, there were 6,122 reported sales on the MLS. This compares to only 5,465 at the beginning of last year, a rise of over 12%. Likewise, pending sales have grown from 622 in 2015 to 660 in 2016, an increase of 6%. Active for sale home inventory has also decreased from 2,580 active lisitngs to 2,507, a fall of over 2.5%.

This looks even more promising when compared to the depth of the market in 2011. On January 4, 2012, there were 3,142 homes on the market (25% higher), 480 homes pending (27% lower), and there had only been 4089 sales in 2011 (33% lower).

Based on the local market and economy, it appears that we should have another solid year in 2016. This could be disrupted, however, depending on the major potential economic and political impacts currently developing around the world.

Call me if you are interested in more information on the market in your particular area.

David Henke
Long & Foster Real Estate Inc – Devon, PA/Wilmington, DE
Office: 610-225-7400/Direct: 610-618-0808
http://www.DelawarePAHomes.com

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