Delaware home sales rose more than 22 percent in the first nine months of 2012 compared to the same period last year.
Sussex County saw the strongest gains in the state with a rise of more than 27 percent over last year. Bob McVey, president elect of the Sussex County Association of Realtors says a deeper examination of the numbers shows another reason to believe the market is especially bright in the state’s southernmost county.
“We’ve also seen our inventory drop from about a 96-week inventory about a 55-week inventory, which is tremendous. Almost 50 percent drop in our inventory,” said McVey.
McVey suggests the numbers signal an end to the housing crisis.
“I would say we are on track for a recovery. We more than likely have seen the bottom of our sales numbers and we’re on a incline,” said McVey.
Home sales were up 21 percent in Kent County and 22 percent in New Castle County in the first nine months of 2012 compared to 2011. Meanwhile, average home prices in Delaware declined by about seven percent during the same period.