Swanwyck, Swanwyck Gardens, & Swanwyck Estates seem to be experiencing stronger home sales and pricing as we continue through 2012.
Swanwyck, Swanwyck Gardens & Swanwyck Estates are three adjacent communities located just south of I-295 and west of Route 9 in New Castle Delaware providing easy access to much of New Castle County and immediate access to New Jersey across the Delaware Memorial Bridge. Originally part of an estate began in 1805, redevelopment in the area began as early as the late 1930s but was mostly suspended due to the war. Today most of the approximately 450+homes were built as ranch style properties during the 1950s. Although some properties range over 3000 square feet, most homes average between 900 and 1500 square feet with 3 bedrooms and 1 bath.
As seen throughout New Castle County, Swanwyck home prices peaked in 2006 and 2007 with the average sales price above $180,000. In 2008, the average price fell to $173,000 and continued down to level out at $113,000 in 2011. In 2011, individual home sales prices ranged from a low of $65,000 to over $169,000 with an average home being on the market for a total of 141 days.
In 2012 year to date, we have seen some strengthening in the market as the average sales price has climbed to $124,000 with 12 sales. In addition, there is currently one home under contract that was listed for $127,500, and 11 properties currently available for sale with an average list price of $145,000. Prices still remain under pressure through short sales and bank owned properties in the area.
Based on the current activity and sales prices seen to date, it appears that Swanwyck may have already reached a good price bottom last year and is building on that base. If the economy stabilizes, prices and activity should continue to grow as we head toward the end of the year and into 2013.
Long & Foster Real Estate Inc – Bear, DE/Devon, PA
Office: 302-834-3431/Direct: 610-618-0808
(All statistics per the TrendMLS System and believed accurate but not guaranteed)