Posted October 04, 2018 03:10:54The sales of real estate in Delaware are down this year, but that doesn’t mean the sale of the property is on the wane.
The state still has some of the highest foreclosure rates in the country, according to a recent report from Real Estate Analytics.
But for the past six months, there has been a spike in sales activity in the state, said Rob Blevins, president of Real Estate Associates of Delaware.
This year, more than 4,200 properties sold in Delaware.
That’s an increase of more than 5 percent from last year.
But that increase is coming at a time when there’s still a lot of uncertainty over how the economy is going to evolve in the coming months.
Blevins said this trend is driven by two things: the economy, and the uncertainty of the presidential election.
Trump has repeatedly said he won’t be running for president again.
But Blevens said the president is not the only reason the state’s sales are down.
The real estate market is still a little more volatile than usual this year.
Blevines prediction is that the market will rebound to pre-election levels.
Brent Jones, chief executive of Blevin Properties, said that Trump’s election has created an “insider” market that is not conducive to the sales of property.
“This is a great time to sell property in the U.S. and we are seeing some of that going into the marketplace,” Jones said.
Sales of properties with a sale price over $1 million in the past month rose by more than $800,000, compared to a year ago, according the report.
Bev Harris, a spokeswoman for the Real Estate Council of Delaware, said the number of properties sold this year is about the same as the number that were sold a year earlier.
The council has not released the numbers for the prior year.
Bond markets are still strong in the Delaware area, with more than 10,000 properties listed for sale in the five-county area, Harris said.
However, there’s a big difference between those two markets.
“It’s not like there’s not enough listings on the market to support that,” Harris said of the two counties.
Harris said the two areas have a similar population, so a lot more people are looking for homes than there are in the other two counties in the region.
The median price of properties listed in Delaware in August was $3.9 million, up from $2.9, according an industry analysis from real estate broker CBRE.
Real estate is a growing business in the area, but Harris said it’s still in its infancy and many people are still waiting to see how much demand there is for properties in Delaware, which has a population of just over 13 million.
Real Estate Analytics is tracking all the properties in the 5,400-plus county listing on its website, and Harris said she’s not seeing a spike.
“People are still selling property in their backyards or condos in their backyard,” she said.
Harris said the sales numbers are still down, but they’re not as high as they were in May, when the economy was booming.
Harris also said the average sale price of property in Delaware is still down from the peak of $7 million in June.
“We’ve seen some growth in the last six months and we’re seeing a bit more inventory coming in this year,” she told News24.
Bravins said that the real estate industry is in a unique position because it’s a local one.
“You have a local seller who can really help drive that demand for the property,” he said.
“If you have a lot in the market and people are willing to take that risk, then that is going, in my opinion, the best time to buy a home.”
Blevin said his firm expects a rebound in sales in the near future, but he doesn’t think the industry will recover completely.
Realestate analysts said they don’t expect any major changes to the market in the next few months, but some will be less favorable.
“The market is not as hot as we would like it to be right now,” Harris told News 24.
“But the fundamentals are strong, and I think people will be patient and not rush into buying.”
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