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Our Delaware Resource Centers Located in Dover, DE and Milford, DE look forward to connecting you to all the real estate resources you need!  Our Licensed REALTORS® are prepared to List and Sell homes across Delaware; including New Castle, Kent, and Sussex Counties.  We specialize in residential sales - Resale, New Construction, Bank Owned, and more!  Call today to schedule to an appointment!

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Strong March for New Home Sales

Strong March for New Home Sales

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Contracts for new home sales expanded by 5.8% in March, according to estimates from the joint data release of HUD and the Census Bureau. The growth in sales continues along a positive trend for the market, which is supported by solid job growth, improving household formations, continuing favorable housing affordability conditions, and tight existing home inventory.

The seasonally adjusted annual pace for March new single-family home sales was 621,000. The three-month moving average is currently at a post-recession high (598,000). The March rate is 5.8% better than February and a 15.6% gain over a year ago. The growth in March sales represented an upside surprise, given the good weather in February and poor weather conditions for significant parts of the nation in March.

Inventory growth continued in March. After hovering near 240,000 for most of 2016, inventory has now risen to 268,000 homes. The current months’ supply number stands at a healthy 5.2. Given tight existing inventory, more new homes are required to meet housing demand.

The most recent data also indicate a growing share of homes not-yet-started in builder inventory. For example, on a year-over-year basis, homes under construction in inventory have increased by 3.5% over the last year. Completed, ready-to-occupy homes (there are only 63,000) are up 7% since March 2016. In contrast, homes not-yet-started listed in inventory have increased 50%, from 38,000 in March of 2016 to 57,000 last month. This is consistent with growing housing demand.

Median new home sales price (price of the home in the middle of the distribution) rose to $315,100, consistent with inventory broadening. Average home price jumped to $388,200. There was surprising sales growth in the relatively small market of new homes priced $150,000 or below (6% of sales, up from 4% a year ago).

Regionally, there was strong sales growth in the Northeast (25.8%) and the West (16.7%). Flat or declining conditions were reported in the South (1.6%) and the Midwest (-4.5%) where snow and other weather factors had an impact.

Solid builder confidence and ongoing tight inventory conditions suggest continued growth for single-family construction in the months ahead. Pricing remains an open question, given rising construction prices and increasing interest rates. New homes will need to be competitively priced, even as prices for existing homes continue to grow. For this reason, we continue to expect a broadening of the new home inventory base and slight declines in median new home size. On the cost side, increases in lumber costs due to trade duties are yet another factor for builders to manage.

House For Sale! Seaford, DE

406 E Poplar St Seaford, DE
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Price Reduction on this great old house with good bones. Beautiful staircase, hardwood floors, and built in buffet in dining room. Being sold "as is / where is" condition. Inspections are for buyers information only. Approved short sale price.
MLS# 715421
$79,900
3 Bed, 2 Bath
406 E Poplar St
Seaford DE, 19973

Nancy Hagman

EXIT CENTRAL REALTY
302-674-2900

EXIT CENTRAL REALTY  


House For Sale! Seaford, DE

11011 Pit Rd, Seaford, DE
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Newly remodeled and now move-in ready. The kitchen has new cabinets and all new stainless steel appliances. This adorable 3 bedroom / 2 bath home also has new carpet and fresh paint and is situated on over a 1/2 acre lot at the end of a quiet cul-de-sac. Plan on seeing this one!
MLS# 719104
$176,900
3 Bed, 2 Bath
11011 Pit Rd
Seaford DE, 19973

Nancy Hagman
410-490-0307


EXIT CENTRAL REALTY
302-674-2900

EXIT CENTRAL REALTY  


House For Sale! Harrington, DE - Fernwood

977 Fernwood Dr, Harrington, DE
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Come see this well-maintained ranch home on over an acre of open space with fenced in yard. This home has 3 bedrooms & 2 1/2 baths with tons of upgrades including: new windows, new vinyl flooring, new water heater & pump, new dishwater, stove, and washer & dryer. The master bedroom is large with a walk-in closet, private bath with double sinks, and a soaking tub and shower. The kitchen has tons of storage space and is open and inviting. The living room features a gas fireplace for cool nights and outside is a deck and patio for outdoor entertaining. This house is move-in ready and waiting for new owners.
MLS# 6951918
$172,900
3 Bed, 2.5 Bath
977 Fernwood Dr
Harrington DE, 19952
Nancy Hagman
410-490-0307


EXIT CENTRAL REALTY
302-674-2900
EXIT CENTRAL REALTY  


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EXIT Central Realty

Dover Location:
598 N. DuPont Hwy
Dover, DE 19901
Phone: 302.674.2900

Milford Location:
615 N. DuPont Blvd
MIlford, DE 19963
Phone: 302.424.8221

Email: Info@DelawareListed.com

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Dover, DE Milford, DE Cecil County, MD Baltimore County, MD Harford County, MD Ann Arundel County, MD
EXIT Central Realty EXIT Central Realty EXIT Preferred Realty EXIT Preferred Realty EXIT Preferred Realty EXIT Preferred Realty
302.674.2900 302.424.8221 410.670.9100 410.670.9100 410.670.9100 410.768.0600
598 N. DuPont Hwy 615 N. DuPont Blvd 2615 Augustine Herman Hwy 8839 Belair Rd 2105 Laurel Bush Rd, #110 7164 E. Furnace Branch Rd, Ste D
Dover, DE 19901 Milford, DE 19963 Chesapeake City, MD 21915 Baltimore, MD 21236 Bel Air, MD 21015 Glen Burnie, MD 21060
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