In the video above, Michael Diggin of RE/MAX Town & Country in West Chester provides a brief update on the real estate market in Delaware County.
Spring is normally peak sales in real estate but due to COVID-19 there was little activity between March and Mid-May.
Once Gov. Wolf opened up restrictions on real estate showings, activity picked up, driven by pent up demand from buyers who were sitting on the side line.
There wasn’t a lot of inventory in Delaware County.
“As a result, buyers had to be really prepared before they went into a showing. They had to be pre-approved and ready with aggressive offers, often resulting in multiple offers which drove prices up,” Diggin said.
Delaware County only saw 875 active listings at the end of June 2020, a drop of 37.2 percent compared to June 2019. A normal five-year average for listings is 1,934.
He expects a rebound. New listings rose 32.5 percent in June compared to May 2020, but were still down 24.4 percent over 2019.
“As you may expect, during a time of low inventory and high demand, immediate sales price across Delaware County has increased to an average of $259,450,” he said. That’s a 2.2 percent increase year to date verses 2019.
Looking forward, Diggins anticipates that Delaware County will remain a strong sellers market because of historically low interest rates, low inventory and an exodus from cities into communities like Delaware County where people working from home have more room.
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