BHHS Gallo Realty Real Estate Market Watch
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 1,917 homes on the market, an increase of 2% from the previous month's end inventory of 1,877. This represents a 9-month's supply of inventory, with a current absorption rate of 216 homes sold per month thus far in 2018.
Closed Sales
For the first three months of 2018, sales of single-family homes in Sussex County are down 10% from last year, with 649 homes sold compared to 723 for the first three months of 2017. The areas with the largest increase were the Dagsboro/Millsboro Area, up 7% and the Georgetown Area, up 6%. The areas with the largest decrease are Western Sussex County, down 26% and the Milford Area, down 21% from last year to date.
Home Prices
The average sales price of single-family homes in Sussex County are up over the first 3-month period of last year, $411,903 compared to $368,638, a 12% increase. The median sales price was up by 15% over the first 3-month of 2017, $305,000 compared to $265,000.
Pending Sales
Pending sales for the first three months of 2018 were up by 3% over last year, with 922 homes going under contract through March of 2018, compared to 892 in 2017.
Days on Market
The average days on market for homes to go under contract has decreased by 12% for homes sold through March of this year compared to last. In 2018, the current average days on market is 129 days, compared to 146 days through March of 2017.
