The Delaware Association of Realtors reported what it termed as a healthy increase in new listings. The group sees the increase as a positive sign as listings have been in short supply.
While new listings were on the rise, the number of units sold decreased by 6%. The realty group said buyers are taking a more selective approach.
The median listed price showed a slight dip of 1.15%, reflecting the market’s natural fluctuations and competitive pricing to attract buyers. Still, the median sold price increased by 3%, indicating that homes in demand still get favorable sale prices.
The slight decrease in pending units is in line with the small drop in sales volume, while the 19% increase in active inventory “represents a market ripe with options, offering prospective buyers a wider selection of homes to choose from,” a release from the group stated.
Despite the increase in listings, the average number of days on the market dropped by 1%.
“February’s market provided a little bit of everything — more homes came up for sale, and despite a slight decrease in units sold, the value of closed homes saw an increase. This balance is indicative of a robust market, and with the significant increase in active inventory, it’s an excellent time for buyers looking for options,” said George Thomasson, president of the Delaware Association of Realtors.
Interest rates remain a factor in the market, although some buyers in Delaware moving in from other states pay cash or make large down payments.
A comparison of the February 2023/February 2024 data is provided in the chart below. For county data, visit this website.
