BHHS Gallo Realty Market Watch Newsletter

January 10, 2017

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 sale 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 and in the attached newsletter are based on single family homes derived from the Sussex County Association of REALTORS Multiple Listng Service.

Active Listings/Current Inventory
As of the end of 2016, there were a total of 2,133 homes on the market, a decrease of 5% from the previous month's end inventory of 2,238. This represents a 9-month's supply of inventory, with a current absorption rate of 250 homes sold per month in 2016. Here is a breakdown of how many homes are for sale in specific price ranges:

$0 - $100,000:  94
$100,000 - $200,000:  306
$200,000 - $300,000:  537
$300,000 - $400,000:  443
$400,000 - $500,000:  266
$500,000 - $600,000:  132
$600,000 - $700,000:  77
$700,000 - $800,000:  59
$800,000 - $900,000:  39
$900,000 - $1,000,000:  26
$1,000,000 and up:  154

Closed Sales
For the year-ending 2016, sales of single-family homes in Sussex County are up slightly over last year, with 2,999 homes sold compared to 2,927 for 2015. The areas with the largest increase were the Milford Area, up 13% and Western Sussex County and The Indian River Hundred, up 12% respectively. The areas with the largest decrease are the Lewes-Rehoboth Area, down 12% and the Georgetown Area, down 9% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County is up slightly over last year, $362,570 compared to $359,469. The median sales price was identical in 2016 compared to 2015 at $265,000..

Pending Sales
Pending sales for the first 12-months of 2016 were up by 9% over last year, with 3,236 homes going under contract during 2016, compared to 2,969 in 2015.

Days on Market
The average days on market for homes to go under contract has decreased by 7% for homes sold this year compared to last. In 2016, the current average days on market is 137 days, compared to 148 days in 2015.

Market Share for Berkshire Hathaway HomeServices Gallo Realty
For the year ending 2016, Gallo Realty has sold the 3rd most number of properties of all brokerages in Sussex County. Gallo Realty has closed 885 units for $322,144,704, worth of real estate, which represents a 10.1% market share.