We know the market is short on listings in New Castle County, Delaware, but how is the real estate market in the area immediately north of the state line in Southern Chester County, Pennsylvania doing?
For February, 2018, you will note that new listings were up almost 5% over the same time last year, which is what we want to hear. Closed sales were fantastic compared to 2017, coming up over 50%!
Another piece of good news is that the median sale price jumped from a little over $304,000 to over $378,000. It took about a month longer to sell these properties than the previous year. But we are not yet out of the woods, because the total residential inventory was down about 5%. Now that interest rates have started to creep up, this could also dampen the market for buyers.
What I take from all of this is that sellers considering putting their home on the market will find buyers ready to snap up new listings which are priced well.
And if you are thinking of buying or selling an older or historic home in Southern Chester County, please let me know at croland@psre.com and I can give you the latest information on what the market is doing!
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