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Delaware home sales fell in February on a monthly and yearly basis, while the median price declined from January but rose from a year ago.
Sales of existing homes – not new construction – in February totaled 830, down 7.88% from 901 in January and slightly lower than 838 in February 2024, a decline of 0.95%, the Delaware Association of Realtors reported.
The median sales price of $377,000 fell less than 1%, down 0.62% from $379,333 in January, but higher than a year ago by 2.70% when it was $367,083.
Prices have pulled back since October’s all-time high median price of $397,650.
The inventory of homes for sale was 3,506, up from 3,289 in January and from 2,883 one year ago.
The pace of sales slowed, with homes staying on the market an average of 50.7 days, longer than 47 days in January and 45.7 days in February 2024.
“While inventory gains are a step in the right direction, affordability remains a pressing issue,” said Scott Farnan, president of the Delaware Association of Realtors, in a press release.
The association is advocating solutions like the “One Percent for Housing” campaign, which calls for the state to dedicate 1% of its budget to affordable housing solutions, Farnan said.
Sussex County topped the other counties in home sales with 354, holding steady from 353 in January and higher than 330 in February 2024.
The median sold price was the highest in the state at $434,500, down from $465,000 in January, but up from $421,250 a year ago.
Inventory of homes for sale climbed to 2,109 from 1,888 in January and from 1,692 in February 2024.
But the average time a home was on the market dragged out to 70 days compared with 62 in January and 56 days a year ago.
In New Castle County, sales totaled 324 in February, down from 403 in January and from 353 a year ago.
The median sold price was $364,000, rising from $350,000 in January and from $330,000 in February 2024.
Inventory of homes for sale was 838, climbing from 831 in January and from 713 a year ago.
The average time a home was on the market was 36 days, slightly longer than 34 days in January and longer than 28 days in February 2024.
Kent County sales totaled 152, up from 145 in January, but lower than 155 a year ago.
The median sales price of $332,500 rose from $323,000 in January but fell from $350,000 in February 2024.
Active inventory was 559, falling from 570 in January but higher than 478 a year ago.
The average time a home was on the market was 46 days, up from 45 days in January, but sales were faster than a year ago, when the average was 53 days.
In the U.S. as a whole, existing home sales were better than Delaware on a monthly basis, increasing by 4.2% in February from January to a seasonally adjusted annual rate of 4.26 million, reported by the National Association of Realtors.
However, compared with last year, national sales slipped 1.2%, while in Delaware the decline was less than 1%.
The national median sales price rose to $398,400 in February, compared with $396,900 in January and $383,800 a year ago. That’s a 3.8% year-over-year increase vs. the 2.7% rise in Delaware.
The inventory of unsold existing homes climbed 5.1% from the prior month to 1.24 million at the end of February.
Properties remained on the market for an average of 42 days in February, up from 41 days in January and 38 days in February 2024.
“Home buyers are slowly entering the market,” said Lawrence Yun, chief economist at the National Association of Realtors. “Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand.”
Reporter Ben Mace covers real estate, development and business news. Reach him at rmace@gannett.com.
Delaware Valley picked up five bonus point wins to take a 40-29 home dual win over High Point in Frenchtown.
Luke Cyphert started the dual at 215 with a pin over High Point’s Kaleb DeFalco. Julian Bednar (120), and Tristian Fawthrop (132) also won via pin.
Oliver Paul gave the Terriers (3-0) five points off a 21-6 tech over John McCarthy at 175, Michael Hasson took a 23-7 tech over Tyler Brarman at 144 and state qualifier Sebastian Dobak earned a 7-1 decision over Gerard Empirio at 150. Vincent Rainey outlasted Thomas Jaust at 113 for a 7-4 sudden victory win.
Trey Falkenstein picked up a forfeit at 138 to make it a four match sweep for Del Val between 132 and 150.
Luke Tompkins recorded a pin for the Wildcats (1-1) at 157 while Jack Kitchart picked up a pin at 190. Region 1 third place finisher Gavin Mericle took a 2-1 decision win over Luken Alberdi at 285, Logan Takach recorded a 7-3 decision over Tanner Donaruma at 126 and Jayden Ruplall earned five points at 165 with a 17-1 tech over Rylan Bush.
Primo Maschio won the $110,000 DSBF series championship for sophomore male pacers Thursday at Bally’s Dover
Photos by Quenton Egan Photography
DOVER — Following decisive wins in both preliminary legs, Primo Maschio dug deep to head off Lew Not Lou for a 1:52.3 triumph in the $110,000 Delaware Standardbred Breeders’ Fund (DSBF) series championship for 3-year-old male pacers on Thursday, Dec. 18, at Bally’s Dover.
Primo Maschio and driver Trae Porter landed second-over on the first turn behind Shore Not Beach (driven by Pat Berry), who worked to clear early leader Lew Not Lou (Jason Thompson) for the lead at the end of a :27 first quarter. Left uncovered off the first turn, Primo Maschio drove on to assume control of the terms with a circuit to go, and the Badlands Hanover-Primadonna gelding rolled to the half in :55.
Up the backstretch and through the far turn, Primo Maschio faced sustained pressure from Lew Not Lou, who re-emerged from third to force a :28.2 third quarter and pose an even bigger threat off the home turn.
“I was a little worried,” said Porter of Lew Not Lou taking aim at Primo Maschio off the corner. “He got to my saddle pad, but as soon as we got to the top of the stretch, my colt dug in deeper. He’s such a nice horse.”
Primo Maschio kept Lew Not Lou a neck at bay while Shore Not Beach stayed on from the pocket to finish third, just a length shy of the top pair.
Walter Callahan trains Primo Maschio, now a 19-time winner with $414,618 in earnings from 27 career starts, for Forrest Bartlett. As the overwhelming 1-10 favorite, Primo Maschio paid $2.20 to win.
Tommy Denvir scored a game-high 30 points for Delaware Valley in its 61-51 win over Bernards in Alexandria.
Delaware Valley (2-0) led 40-27 at halftime against Bernards.
Lochlyn Marsh scored 12 points for Delaware Valley. Peter Dubljevic had eight points.
Ryan Frame and Richie Jobs each scored 16 points for Bernards (0-3). Ricky Giebel tallied 10 points, five rebounds, four assists and five steals. Casey Hoeckele recorded 12 rebounds with four points and three blocks.
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