Home sales in Delaware were stronger than in the U.S. as a whole., jumping 28.1% in March compared with February.
After 889 sales in February, the number climbed 28.1% to 1,139 in March.
“I attribute the higher sales in March over February to the typical increase in spring activity,” said Chrissy Steele, president of the Delaware Association of Realtors.
Nationwide sales showed a decline of 2.4% in March compared with February, said National Association of Realtors chief economist Lawrence Yun.
"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," said NAR Chief Economist Lawrence Yun. "Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It's a unique housing market."
Sales lower than 2022
Compared with last year, sales dipped in Delaware and the country.
In Delaware, sales dropped 19.5% from 1,415 in March 2022. Across the nation, the numbers fell 22% from March 2022.
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Home sales prices show mixed results
In Delaware, the median sold price in March was $342,983, down from $356,330 in February but higher compared with $325,853 in March 2022.
Nationally, the median sold price in March was $375,700, up from $363,000 in February, but down from $379,300 in March 2022.
Steele said several factors influence prices including location of the home, available inventory in the area and interest rates.
“But in general, we’re seeing more negotiations happen between buyers and sellers,” she said. “We’re also seeing an uptick in price repositions, indicating the market does not support aggressive listing prices.”
Active inventory of homes for sale in March was 2,493, up from 2,429 in February and from 1,996 in March 2022.
“This is a positive sign for the Delaware real estate market,” said Steele, with more homes on the market for buyers to choose from.
Other trends Steele said Realtors are reporting in Delaware include a slight increase in the days a home is listed on the market and more price repositioning. But if a home is priced competitively, demand from buyers is strong.
The average days a home was on the market in March was 38, compared with 34 in February and 25 in March 2022.
The biggest problem in the Delaware real estate market is the lack of lower-priced homes, Steele said, calling it “an affordable homeownership crisis.”
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