BHHS Gallo Realty Market Watch Newsletter

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 January, there were a total of 2,079 homes on the market, a decrease of 3% from the previous month's end inventory of 2,133.  This represents a 10-month's supply of inventory, with a current absorption rate of 204 homes sold per month thus far in 2017.  Here is a breakdown of how many homes are for sale in specific price ranges:

$0 - $100,000:  96
$100,000 - $200,000:  292
$200,000 - $300,000:  540
$300,000 - $400,000:  434
$400,000 - $500,000:  263
$500,000 - $600,000:  119
$600,000 - $700,000:  69
$700,000 - $800,000:  58
$800,000 - $900,000:  33
$900,000 - $1,000,000:  25
$1,000,000 and up:  150

Closed Sales
For the first month of 2017, sales of single-family homes in Sussex County are up over last year, with 204 homes sold compared to 178 for the first month of 2016.  The areas with the largest increase were Western Sussex County, up 13% and the Milford Area, up 13%.  The areas with the largest decrease are the Lewes-Rehoboth Area, down 13% and the Georgetown Area, down 13% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County is down by slightly over the first 1-month period of last year, $358,743 compared to $361,839.  The median sales price was down by 1% over the first 1-month of 2016, $255,000 compared to $258,500.

Pending Sales
Pending sales for the first month of 2017 were up by 33% over last year, with 256 homes going under contract during January of 2016, compared to 192 in 2016.

Days on Market
The average days on market for homes to go under contract has decreased by 1% for homes sold in January of this year compared to last.  In 2017, the current average days on market is 132 days, compared to 134 days through January of 2016.

Market Share for Berkshire Hathaway HomeServices Gallo Realty
Through January of 2017, Gallo Realty has sold the 5th most number of properties of all brokerages in Sussex County.  Gallo Realty has closed 43 units for $21,938,276 worth of real estate, which represents a 9.6% market share.