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BHHS Market Watch Newsletter

October 11, 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 September, there were a total of 2,165 homes on the market, a decrease of 1% from the previous month's end inventory of 2,187. This represents an 8-month's supply of inventory, with a current absorption rate of 282 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:  61
$100,000 - $200,000:  261
$200,000 - $300,000:  556
$300,000 - $400,000:  479
$400,000 - $500,000:  290
$500,000 - $600,000:  132
$600,000 - $700,000:  77
$700,000 - $800,000:  58
$800,000 - $900,000:  54
$900,000 - $1,000,000:  30
$1,000,000 and up:  167

Closed Sales
For the first 9-months of 2017, sales of single-family homes in Sussex County are up 17% over last year, with 2,542 homes sold compared to 2,174 for the first nine months of 2016. The areas with the largest increase were the Angola/Long Neck/Millsboro, up 24%, and the Bethany/Ocean View/Fenwick Area, up 23%. The area with the largest decrease is the Milton/Harbeson/Broadkill Area, down 5% 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 9-month period of last year, $381,983 compared to $354,223. The median sales price was up by 6% compared to the first 9-months of 2016, $284,500 compared to $269,000.

Pending Sales
Pending sales for the first eight months of 2017 are up by 20% over last year, with 2,592 homes going under contract during the first eight months of 2017, compared to 2,160 in 2016.

Days on Market
The average days on market for homes to go under contract has decreased by 11% for homes sold in the first nine months of this year compared to last. In 2017, the current average days on market is 127 days, compared to 143 days through September of 2016.

Market Share for Berkshire Hathaway HomeServices Gallo Realty
Through September of 2017, Gallo Realty has sold the 3rd most properties of all brokerages in Sussex County.  Gallo Realty has closed 751 units for $312,311,852 worth of real estate, which represents an 11% market share.

 

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