Seemed like a good time for a quick update on numbers in the area. In an unusual coincidence, all three counties have almost equal number of sales reported by the MLS as of July 21 (sales for all three counties are within 9 properties of each other).
New Castle County Delaware:
New Castle County has the most sales with 4169 properties showing sold on the MLS through this morning. This is up 19% over 2020 sales to this date (3481 in 2020). There are also 736 properties currently on the market - down 4% from 2020, and 1043 properties pending - up 5% from 2020.
Delaware County Pennsylvania:
Delaware County is following close behind with 4163 properties sold year to date. This is up 42% from 2020 (2916 sales in 2020). There are also 791 properties currently on the market - down 6% from 2020, and 1106 properties are pending - up 5% from 2020.
Chester County Pennsylvania:
Chester County is just behind with 4160 sales year to date. This is up 36% over 2020 (3049 sales in 2020). There are also 848 properties on the market - down 28% from 2020. Finally, 1573 properties are pending - up 9% from 2020.
The market continues to be very robust in all three counties but has cooled a bit. Inventories have been slowly building since reaching a low in February. If priced right, many properties are still going under contract within the first week but the numbers of offers per listing appear to be declining. Bids over asking price with few or no inspections are still common (but bad idea for most buyers). Cash offers are also common. Some areas have seen significant slowing as the market reaches a more reasonable balance
As always - all markets are local, so if you need more information on your particular area, please do not hesitate to contact me anytime
Long & Foster Real Estate Inc – Devon, PA/Wilmington, DE
Office: 610-225-7400/Direct: 610-618-0808
(All statistics per the Bright MLS System and believed accurate but not guaranteed)