The Delaware Association of Realtors still sees what it terms an “ongoing inventory crisis” despite an uptick in April listings and sales from the same period a year ago. The Delaware figures bucked the national trend of lower sales.
According to the group, new listings in April of this year increased 17% compared to April 2023. At the same time, the number of units sold rose by 10%.
Median prices were up by 5.55%, and the median sales price rose by 6.51%. Pending sales saw an increase of 10%.
The active inventory expanded by 27%. However, the realty group reported that the average number of days on the market increased by 19%, suggesting a slightly slower pace in the selling process, possibly due to increased inventory and more options for buyers.
“This April showcased a dynamic housing market in Delaware, with a surge in both listings and sales,” said George Thomasson, president of the Delaware Association of Realtors. “The significant increase in active inventory provides buyers with more choices, while rising median prices reflect the enduring value of properties in our state. However, we must acknowledge the ongoing inventory crisis, which continues to pose challenges for both buyers and sellers.
Nationwide existing-home sales dropped in April, according to the National Association of Realtors. Year-over-year, sales decreased in the Northeast, Midwest and South but rose in the West.
Total existing-home sale1 – completed transactions that include single-family homes, townhomes, condominiums and co-ops – slid 1.9% from a year ago in April.
“Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” said NAR Chief Economist Lawrence Yun.
Click here for a larger version of the Delaware infographic and for county information.
