The Delaware Association of Realtors said the state still faces a “continued inventory crisis” despite listings and sales increasing in April compared to the same period last year. Delaware’s numbers buck the national trend of declining sales.
According to the group, the number of new listings in April this year was up 17% compared to April 2023. At the same time, the number of homes sold also increased by 10%.
The median price increased 5.55% and the median sale price increased 6.51%. Pending sales increased 10%.
Available inventory expanded by 27%. But the real estate group reported that the average days on market increased by 19%, suggesting the pace of the sales process is slowing slightly, perhaps due to increased inventory and increased options for buyers.
“April was a hot month for Delaware’s housing market, with both listings and sales surging,” said George Thomason, president of the Delaware Association of Realtors. “The significant increase in active inventory has provided buyers with more options, and the increase in median prices reflects the enduring value of real estate in our state. However, we must recognize that the ongoing inventory crisis continues to pose challenges for both buyers and sellers.”
Nationwide, existing home sales fell in April, according to the National Association of Realtors. Compared to a year ago, sales fell in the Northeast, Midwest and South, but rose in the West.
Total Existing Home Sales1 Completed transactions, which include single-family homes, townhouses, condominiums and co-ops, fell 1.9% in April from a year ago.
“While home sales overall remained largely unchanged, the luxury market has seen significant growth as more supply enters the market,” said Lawrence Yun, chief economist at NAR.
For a larger version of the Delaware infographic and county information, click here
