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 May, there were a total of 2,227 homes on the market, an decrease of 0% from the previous month's end inventory of 2,228. This represents a 8-month's supply of inventory, with a current absorption rate of 264 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: 74
$100,000 - $200,000: 259
$200,000 - $300,000: 576
$300,000 - $400,000: 470
$400,000 - $500,000: 308
$500,000 - $600,000: 143
$600,000 - $700,000: 86
$700,000 - $800,000: 67
$800,000 - $900,000: 44
$900,000 - $1,000,000: 34
$1,000,000 and up: 166
Closed Sales
For the first 5-months of 2017, sales of single-family homes in Sussex County are up 25% over last year, with 1,318 homes sold compared to 1,053 for the first five months of 2016. The areas with the largest increase were the Dagsboro Area, up 51% and the Bethany Area, up 42%. The area with the largest decrease is the Milton Area, down 16% from last year to date.
Home Prices
The average sales price of single-family homes in Sussex County is up by 8% over the first 5-month period of last year, $383,047 compared to $354,273. The median sales price was up by 1% compared to the first 5-months of 2016, $275,000 compared to $272,000.
Pending Sales
Pending sales for the first five months of 2017 were up by 21% over last year, with 1,554 homes going under contract during the first five months of 2017, compared to 1,287 in 2016.
Days on Market
The average days on market for homes to go under contract has decreased by 8% for homes sold in the first five months of this year compared to last. In 2017, the current average days on market is 137 days, compared to 149 days through May of 2016.
Market Share for Berkshire Hathaway HomeServices Gallo Realty
Through May of 2017, Gallo Realty has sold the 3rd most properties of all brokerages in Sussex County.
Gallo Realty has closed 374 units for $156,292,204 worth of real estate, which represents a 10.6% market share.
