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BHHS Gallo Realty Market Watch Newsletter

April 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 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 March, there were a total of 2,147 homes on the market, an increase of 2% from the previous month's end inventory of 2,105.  This represents a 9-month's supply of inventory, with a current absorption rate of 232 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:  86
$100,000 - $200,000:  272
$200,000 - $300,000:  540
$300,000 - $400,000:  476
$400,000 - $500,000:  270
$500,000 - $600,000:  141
$600,000 - $700,000:  80
$700,000 - $800,000:  61
$800,000 - $900,000:  37
$900,000 - $1,000,000:  28
$1,000,000 and up:  156

Closed Sales
For the first 3-months of 2017, sales of single-family homes in Sussex County are up 24% over last year, with 695 homes sold compared to 562 for the first three months of 2016.  The areas with the largest increase were the Dagsboro Area, up 48% and the Bethany Area, up 42%.  The areas with the largest decrease are the Milton Area, down 33% and the Georgetown Area, down 6% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County is up by 6% over the first 3-month period of last year, $367,342 compared to $347,518.  The median sales price was almost the same compared to the first 3-months of 2016, $264,000 compared to $265,000.

Pending Sales
Pending sales for the first three months of 2017 were up by 28% over last year, with 901 homes going under contract during the first three months of 2017, compared to 704 in 2016.

Days on Market
The average days on market for homes to go under contract has decreased by 7% for homes sold in the first three months of this year compared to last.  In 2017, the current average days on market is 141 days, compared to 152 days through March of 2016.

Market Share for Berkshire Hathaway HomeServices Gallo Realty
Through March of 2017, Gallo Realty has sold the 3rd most value of properties of all brokerages in Sussex County.  Gallo Realty has closed 178 units for $72,173,340 worth of real estate, which represents a 9.5% market share.

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