Each month, I will be posting a Market Report for popular towns in Kent and Sussex County Delaware. Each month, I will give you a metric on the following: Months Supply of Inventory, 12-Month Change in Months of Inventory, Median Days Homes are On the Market, List to Sold Price Percentage, and Median Sold Price.
Having lived in Milford for the past 12 years, I started there. With Dover being the capital of the First State, it would only make sense for it to come next. My Keller Williams office is also located in Dover, so I'm here pretty often.
We'll start with the Months Supply of Inventory, which sat at 2.94. Given the current pace of sales, this tells us that it would take 2.94 months for all the current homes on the market to be sold. A lower number like this indicates a tight market with high demand and potentially rising prices.
Next, we have the 12-Month Change in Months of Inventory at +65.17%. This means that the inventory of homes for sale has increased significantly over the past year, which could indicate a shift towards a more balanced market or even a buyer's market.
Now, let's look at the Median Days Homes are On the Market at 8. This is a super low number, which means that homes are selling quickly in this market. So if you're a seller, this is great news!
Moving on to the List to Sold Price Percentage at 100.8%. This indicates that homes are generally selling for slightly above their list price, which is a positive sign for sellers.
Finally, the Median Sold Price for home sales in August was $287,500. This is the average price at which homes are selling in this market.
We can see that this market is hot with low inventory, quick sales, and homes selling above list price. Sellers, you might be in luck here! Buyers, you may need to act fast and be prepared to pay a bit more. Make sure to check back each month so you can make an informed decision on your next real estate venture.
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