The Long & Foster Market Minute

Focus On: Kent County Housing Market December 2022

Units Sold
23
Active Inventory
50
Median Sale Price
$270,000
Days On Market
38
Down
Vs. Year Ago
Up 6%
Vs. Year Ago
Down
Vs. Year Ago
Up 23%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in December, with 23 sold this month in Kent County Real Estate. This month's total units sold was lower than at this time last year, a decrease from December 2021.

Active Inventory
Versus last year, the total number of homes available this month is higher by 3 units or 6%. The total number of active inventory this December was 50 compared to 47 in December 2021. This month's total of 50 is higher than the previous month's total supply of available inventory of 46, an increase of 9%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last December, the median sale price for Kent County Homes was $341,000. This December, the median sale price was $270,000, a decrease of $71,000 compared to last year. The current median sold price is lower than in November.

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


New Listings
24
Current Contracts
13
Sold Vs. List Price
98.0%
Months of Supply
2.2
Up 41%
Vs. Year Ago
Down -43%
Vs. Year Ago
Up 1.9%
Vs. Year Ago
Up 99%
Vs. Year Ago

Months of Supply
In December, there was 2.2 months of supply available in Kent County, compared to 1.1 in December 2021. That is an increase of 99% 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 24 homes newly listed for sale in Kent County compared to 17 in December 2021, an increase of 41%. There were 13 current contracts pending sale this December compared to 23 a year ago. The number of current contracts is 43% lower than last December.

Sale Price to List Price Ratio
In December, the average sale price in Kent County was 98.0% of the average list price, which is 1.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 38, higher than the average last year, which was 31, an increase of 23%.

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.