Market Watch for June 2016
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 June, there were a total of 2,519 homes on the market, an increase of 1% from the previous month's end inventory of 2,499. This represents aa 11-month's supply of inventory, with a current absorption rate of 223 homes sold per month thus far in 2016. Here is a breakdown of how many homes are for sale in specific price ranges:
$0 - $100,000: 85
$100,000 - $200,000: 342
$200,000 - $300,000: 666
$300,000 - $400,000: 493
$400,000 - $500,000: 300
$500,000 - $600,000: 165
$600,000 - $700,000: 108
$700,000 - $800,000: 59
$800,000 - $900,000: 60
$900,000 - $1,000,000: 42
$1,000,000 and up: 199
Closed Sales
For the first 6 months of 2016, sales of single-family homes in Sussex County are down by 3% over last year, with 1,340 homes sold compared to 1,352 for the first 6 months of 2015. The areas with the largest increases were Western Sussex County, up 20% and the Broadkill Hundred, up 14%. The area with the largest decrease is the Lewes/Rehoboth Hundred, with a 20% decrease from last year to date.
Home Prices
The average sales price of single-family homes in Sussex County is down by 3% over the first six-month period of last year, $357,360 compared to $369,606. The median sales price was the down by 2% over the first six months of 2015, $275,000 compared to $279,950.
Pending Sales
Pending sales for the first 6 months of 2016 were up by 8% over last year, with 1,587 homes going under contract during the first 6 months of 2016, compared to 1,470 in 2015.
Days on Market
The average days on market for homes to go under contract has decreased by 9% for homes sold through June of this year compared to last. In 2016, the current average days on market is 150 days, compared to 164 days through June of 2015.
Market Share for Berkshire Hathaway HomeServices Gallo Realty
Through June of 2016, Gallo Realty has sold the 2nd most number of properties of all brokerages in Sussex County. Gallo Realty has closed 419 units for $151,489,414 worth of real estate, which represents an 11% market share.
