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BHHS Gallo Realty Market Watch Newsletter

November 8, 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 October, there were a total of 2,375 homes on the market, a decrease of 3% from the previous month's end inventory of 2,445. This represents a 10-month's supply of inventory, with a current absorption rate of 245 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: 98

$100,000 - $200,000: 339

$200,000 - $300,000: 608

$300,000 - $400,000: 473

$400,000 - $500,000: 279

$500,000 - $600,000: 157

$600,000 - $700,000: 85

$700,000 - $800,000: 68

$800,000 - $900,000: 45

$900,000 - $1,000,000: 31

$1,000,000 and up: 192

Closed Sales
For the first 10-months of 2016, sales of single-family homes in Sussex County are up just slightly over last year, with 2,449 homes sold compared to 2,443 for the first 10-months of 2015. The areas with the largest increase were Western Sussex County, up 13% and the Cedar Creek Hundred, up 9%. The areas with the largest decrease are the Lewes-Rehoboth Hundred, down 13% and the Dagsboro Hundred, down 9% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County is down by 1% over the first 10-month period of last year, $357,504 compared to $361,180. The median sales price was down by 2% over the first 10-months of 2015, $270,220 compared to $275,000.

Pending Sales
Pending sales for the first 10-months of 2016 were up by 7% over last year, with 2,750 homes going under contract during the first 10-months of 2016, compared to 2,568 in 2015.

Days on Market
The average days on market for homes to go under contract has decreased by 8% for homes sold through October of this year compared to last. In 2016, the current average days on market is 142 days, compared to 154 days through October of 2015.

Market Share for Berkshire Hathaway HomeServices Gallo Realty
Through October of 2016, Gallo Realty has sold the 2nd most number of properties of all brokerages in Sussex County. Gallo Realty has closed 744 units for $267,474,907 worth of real estate, which represents a 10.3% market share.

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