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BHHS Gallo Realty Market Watch Newsletter

October 10, 2016

Berkshire Hathaway HomeServices Gallo Realty provides this monthly analysis of the real estate market in Sussex County, Delaware. Whether you are buying, selling or just have an interest in the market, we hope you will find this analysis useful. As a Buyer, this can be a valuable tool for making an offer on a property. Having up-to-date information on selling prices of comparable properties will allow you to make the smartest offer. As a Seller, having the knowledge to determine the listing price for your property can help you to obtain the best possible sales price in the shortest amount of time. Sign-up for one or all of our programs to get started today!

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The statistics referenced here are based on single family homes derived from the Sussex County Association of REALTORS® Multiple Listing Service.

Active Listings/Current Inventory
As of the end of August, there were a total of 2,482 homes on the market, a decrease of 1% from the previous month's end inventory of 2,503. This represents an 11-month's supply of inventory, with a current absorption rate of 232 homes sold per month thus far in 2016. Here is a breakdown of how many homes are for sale in specific price ranges:

$0 - $100,000: 97
$100,000 - $200,000: 340
$200,000 - $300,000: 637
$300,000 - $400,000: 488
$400,000 - $500,000: 285
$500,000 - $600,000: 176
$600,000 - $700,000: 80
$700,000 - $800,000: 66
$800,000 - $900,000: 49
$900,000 - $1,000,000: 34
$1,000,000 and up: 193

Closed Sales
For the first 8-months of 2016, sales of single-family homes in Sussex County are down by 1% over last year, with 1,852 homes sold compared to 1,880 for the first 8-months of 2015. The areas with the largest increases were Western Sussex County, up 16% and the Broadkill Hundred, up 15%. The areas with the largest decrease are the Lewes-Rehoboth Hundred and the Dagsboro Hundred, both with a 17% decrease from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County is down by 3% over the first 8-month period of last year, $351,583 compared to $362,985. The median sales price was down by 3% over the first 8-months of 2015, $267,747 compared to $275,000.

Pending Sales
Pending sales for the first 8-months of 2016 were up by 5% over last year, with 2,187 homes going under contract during the first 8-months of 2016, compared to 2,074 in 2015.

Days on Market
The average days on market for homes to go under contract has decreased by 10% for homes sold through August of this year compared to last. In 2016, the current average days on market is 144 days, compared to 160 days through August of 2015.

Market Share for Berkshire Hathaway HomeServices Gallo Realty
Through August of 2016, Gallo Realty has sold the 2nd most number of properties of all brokerages in Sussex County. Gallo Realty has closed 577 units for $207,856,897 worth of real estate, which represents an 11% market share.

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