Residential housing sales declined last month in Delaware
Housing inventory increased in September compared to last year, but sales declined in the same time period.
Compared to last September, units sold last month were down over 19.5% with pending units decreasing over 34% in September 2022 compared to the same time in 2021.
In that time both the average price and median price have increased with the active inventory also increasing almost 20%.
Dr. Susan Giove is the Delaware Association of Realtors President. She says there’s an explanation.
"It's still a seller's market. That makes it doubly difficult to find a home for your buyer, and that's part of the reason for the number of sales decreasing because there's just not enough out there to satisfy the needs of every buyer that's around," said Giove.
The average days on market increased to 24 days from 17 days, but new listings saw a 17% decrease last month compared to last September.
"What is active on the market there are more price decreases. So I think the market is actually trying to correct itself a little bit, coming more in line with the value of the homes as opposed to the inflated value that we witnessed the past two years coming out of COVID," said Giove.
Giove notes that in this market, sellers control pricing, adding that finance experts predict it will stay that way for the next two-to-three years.
As for advice, she says work with a realtor when buying or selling a house, and if you don't know who to call, contact the Delaware Association of Realtors, to get help.