As we all have observed in our part of the country, real estate activity in June in Delaware was reflective of the weather: everyone was hiding inside with the air conditioning turned up high and trying to avoid participating in the real estate market.
New listings were down almost 10% compared to the same time last year, and closed sales were only up a fraction of a percent. The median sales price was only up about 2% compared to June of 2017, and about the same for the year to date as last year.
The average days on the market was down about 18% and the inventory of homes on the market for the year so far was down about 25%. No wonder buyers are frantically complaining about the lack of homes available for sale. This can lead to a frantic bid situation that sometimes does not end well. I just saw a case of an historic home that had multiple offers, but the buyers' home inspection revealed many of the problems one might expect with a 200+ year old home. The result was a list of estimates climbing sky high that the sellers refused to agree to, so the buyers walked.
In this case, the sellers are getting their own estimates and correcting many of the problems. In this day and age, mortgage companies are not going to approve a loan for a property with ancient wiring and many of the conditions sellers feel they can live with, but buyers cannot accept.
Information brought to you by Carolyn Roland, Your Older and Historic Homes Resource in Delaware and Southern Chester County, Pennsylvania.