Real Estate Market Watch for March 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. Sigh-up for one or all of our programs to get started today!
To download the full Market Watch newsletter, click here.
Check out our tools to keep yourself updated on the market all the time, just click here.
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 2,307 homes on the market, an insignificant decrease from the previous month's end inventory of 2,308. This represents a 13-month's supply of inventory, with a current absorption rate of 183 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: 86
$100,000 - $200,000: 332
$200,000 - $300,000: 623
$300,000 - $400,000: 468
$400,000 - $500,000: 270
$500,000 - $600,000: 159
$600,000 - $700,000: 104
$700,000 - $800,000: 53
$800,000 - $900,000: 47
$900,000 - $1,000,000: 40
$1,000,000 and up: 198
Closed Sales
For the first quarter of 2016, sales of single-family homes in Sussex County are down by 7% over last year, with 550 homes sold compared to 591 for the first quarter of 2015. The areas with the largest increases were the Broadkill Hundred, up 17% and the Georgetown Hundred, up 14%. The area with the largest decrease is the Dagsboro Hundred, with a 37% decrease from last year to date.
Home Prices
The average sales price of single-family homes in Sussex County is down by 6% over the first three-month period of last year, $348,169 compared to $371,127. The median sales price was the down by 4% over the first three months of 2015, $265,000 compared to $277,000.
Pending Sales
Pending sales for the first quarter of 2016 were up by 14% over last year, with 718 homes going under contract during the first quarter of 2016, compared to 628 in 2015.
Days on Market
There has been a significant decrease in the average days on market from 2016 compared to last year for the first three months. The average days on market for homes sold was 211 days for sales through March. For homes sold through March of 2015, the average days on market was 247, which is an decrease of 15%.
Market Share for Berkshire Hathaway HomeServices Gallo Realty
Through the first quarter of 2016, Gallo Realty has sold the 2nd most number of properties of all brokerages in Sussex County. Gallo Realty has closed 169 units for $56,464,948 worth of real estate, which represents a 10.3% market share.
