By Leslie Carpenter
Leslie Carpenter is a realtor with Patterson-Schwartz Greenville. She is licensed in Delaware, Pennsylvania, and Maryland. Questions? Contact her directly at (302) 547-7768 or firstname.lastname@example.org.
For those wondering about the real estate market around HAC, this article is for you and will most likely be the shortest article you’ve read regarding the local real estate market! These are simply the facts, not a competitive market analysis (which I do provide for clients), and no guidance on home buying. This is just the “quick and dirty”. The content presented here is strictly for informational purposes only; I hope you find it interesting!
“The only constant in life is change.”
As Heraclitus said long ago, change is constant, and the real estate market is certainly evidence of that. Between March 1, 2022, and August 20, 2022, in the Hockessin zip code, there have been 219 units (lots, single-family, and multi-family homes) sold with a total dollar value of $127,940,020 – that’s an average price of about $584,000 per unit! That’s a lot of real estate changing hands in 19707 in just six months.
According to the latest Redfin report, June 2022 sales prices were up overall. In 19707, listings received an average of five offers and were on the market for an average of six days, with prices up 16.6% over last year. June home sales were down from 72 in 2021 to 54, but prices were up by 10.9%, and homes sold faster by about four days.
In July 2022, there were 14 new listings in 19707 compared to 29 in July 2021. However, closed sales were up by 42.9% over the previous year. The median (price where ½ of listed prices are higher and ½ are lower) July 2022 sales price was $587,500 compared to $500,000 last year. The percentage of the original list price (a ratio between the starting price and the selling price) received at sale was 101.4%, up from 99.5% the prior year. As of July 31, 2022, the total residential listing inventory for the month was 19 – up 18.8% compared to the same time last year, and single-family detached inventory was also up by 38.5%.
In the last six months, Ramsey Ridge, Stenning Woods, Hockessin Chase, Hockessin Hunt, Piersons Ridge, and Hockessin Valley Falls were among the neighborhoods with the greatest number of units sold. Homes in these neighborhoods were on the market for an average of four to eleven days.
Let’s look at two other nearby zip codes, 19808 and 19711. As of August 23, 2022, compared to August 2021 – 19808 has 50% fewer new listings with a median sales price of $300,500, up by 0.2%. The percentage of original list price received at sale in August 2022, is 101.4% compared to 103.0% in August of last year. Average days on the market till sale in 19808 was eight in August 2022, up from seven in August 2021.
19711 – in August, there have been 27 new listings compared to 63 same time last year. The median sales price is $373,860, down 2.3% over same time last year.
Note the common theme… lower inventory over the prior year.
Percentage of original list price received at sale in August was also down 2.3% to 99.8% compared to 102.1% in August 2021. The average days on the market till sale was 17 – up by 41.7% from 12 in August last year in the 19711 area.
Following the inventory trend, in August 2022 the 19707 also saw a decrease in inventory by 26.3% over prior year, same time!
Real estate is ever changing. Digging deep and looking at the numbers is a great way to identify and be aware of market trends.
Data and information contained in the article was gathered through our marketing department at Patterson-Schwartz and only includes the Hockessin and specified areas.
All information presented is based on data supplied by BRIGHT MLS. BRIGHT MLS does not guarantee nor is it responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activities in the market. Information is deemed reliable but not guaranteed.