The Long & Foster Market Minute

Focus On: Pike Creek, Milltown, and Hockessin Housing Market March 2021

Zip Code(s): 19808 and 19707
Units Sold
59
Active Inventory
32
Median Sale Price
$312,000
Days On Market
23
Down -9%
Vs. Year Ago
Down -71%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -52%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 59 sold this month in Pike Creek, Milltown, and Hockessin Real Estate versus 55 last month, an increase of 7%. This month's total units sold was lower than at this time last year, a decrease of 9% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 80 units or 71%. The total number of active inventory this March was 32 compared to 112 in March 2020. This month's total of 32 is higher than the previous month's total supply of available inventory of 27, an increase of 19%.

Median Sale Price
Last March, the median sale price for Pike Creek, Milltown, and Hockessin Homes was $310,000. This March, the median sale price was $312,000, an increase of 1% or $2,000 compared to last year. The current median sold price is 10% higher than in February.

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


New Listings
91
Current Contracts
80
Sold Vs. List Price
100.2%
Months of Supply
0.5
Down -8%
Vs. Year Ago
Up 19%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -69%
Vs. Year Ago

Months of Supply
In March, there was 0.5 months of supply available in Pike Creek, Milltown, and Hockessin, compared to 1.7 in March 2020. That is a decrease of 69% 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 91 homes newly listed for sale in Pike Creek, Milltown, and Hockessin compared to 99 in March 2020, a decrease of 8%. There were 80 current contracts pending sale this March compared to 67 a year ago. The number of current contracts is 19% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Pike Creek, Milltown, and Hockessin was 100.2% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 23, lower than the average last year, which was 48, a decrease of 52%.

The Long & Foster Market Minute Pike Creek, Milltown, and Hockessin are defined as properties listed in zip code/s 19808 and 19707.
*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.