Delaware, the first state, is rich in natural splendor, historical significance, cultural diversity and industrial strength.  

Located on the eastern seaboard of the United States, Delaware is bordered by the Atlantic Ocean and Delaware Bay, as well as the states of Pennsylvania and Maryland. With a land area of 1982 square miles, Delaware ranks 49th in area among the 50 states.  

Delaware's geographic location has placed Delaware at the crossroads of the Mid-Atlantic, positioning travelers at a convenient distance from nearly every major metropolitan center in the region. Exactly halfway between New York City and Washington, D.C. and a stones throw from Philadelphia PA, lies Wilmington, Delaware, a city seldom in the news but nevertheless endowed with some of the most picturesque scenery in the Mid-Atlantic.  

November 2006 Wilmington, Delaware Update 

In such a rapid changing market it is my goal and my job as your Realtor to keep you informed on the New Castle County housing market. My father always told me that “there is truth in numbers” and as much as it pains me to admit it; he was right (like so many other things). Because of this “truth” that he use to talk about, please excuse all of these numbers and if you should ever have a question, then please do not hesitate to ask. That is my job and my goal. I work always in the best interest of my clients and by putting them first it has helped make the Chubb Realty Group the #1 RE/MAX team in New Castle County.  

In November of 2006; 895 homes were listed at an average listing price of $273,055. The listing prices ranged from $40,000 to $2,341,637. In November 475 homes went under contract and became pending with 522 homes settling in November for an average sale price of $253,667 while being on the market for 40 days on average. With November historically being one of the slowest months of the year the house listed to pending ratio was 1.88 homes listed for every one home pending. 

So far in 2006 there have been 12,637 homes listed for an average listing price of $288,465. During these 11 months been 7,201 homes that have gone pending with 7,089 homes sold for an average price of $256,624 while being on the market for 38 days on average. The houses listed to homes sold ratio is 1.75 homes listed for every one pending.  

It is considered a balanced market when there is over 6 months of inventory for sale and a buyers market when there is anything over 6 months and a sellers market for anything less than 6 months. Figures as of October 2006 show that there is currently a 6.13 month supply of homes on the market with 3945 homes currently for sale and an average sold volume of 643 homes per month. 

I hope you found this information helpful and I would truly enjoy hearing your response as it will help me with next month’s market update on what information you would like to hear about.