The Long & Foster Market Minute

Focus On: Kent County Housing Market October 2019

Units Sold
26
Active Inventory
202
Median Sale Price
$191,500
Days On Market
89
Down -26%
Vs. Year Ago
Down -3%
Vs. Year Ago
Down -9%
Vs. Year Ago
Down -10%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 26 sold this month in Kent County Real Estate versus 30 last month, a decrease of 13%. This month's total units sold was lower than at this time last year, a decrease of 26% versus October 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 7 units or 3%. The total number of active inventory this October was 202 compared to 209 in October 2018. This month's total of 202 is lower than the previous month's total supply of available inventory of 225, a decrease of 10%.

Median Sale Price
Last October, the median sale price for Kent County Homes was $210,000. This October, the median sale price was $191,500, a decrease of 9% or $18,500 compared to last year. The current median sold price is 12% lower than in September.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
33
Current Contracts
35
Sold Vs. List Price
95.5%
Months of Supply
7.8
Down -18%
Vs. Year Ago
Up 30%
Vs. Year Ago
Up 1.2%
Vs. Year Ago
Up 30%
Vs. Year Ago

Months of Supply
In October, there was 7.8 months of supply available in Kent County, compared to 6.0 in October 2018. That is an increase of 30% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 33 homes newly listed for sale in Kent County compared to 40 in October 2018, a decrease of 18%. There were 35 current contracts pending sale this October compared to 27 a year ago. The number of current contracts is 30% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Kent County was 95.5% of the average list price, which is 1.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 89, lower than the average last year, which was 99, a decrease of 10%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.