November 2012 Real Estate Market Watch

December 6, 2012

Sales of homes in Sussex County, Delaware continue to outpace the previous year.  Compared to the same timeframe last year, home sales are up by 30% county-wide.  As of the end of November, there have been 2,029 single-family homes sold, compared to 1,562 sold last year.  All areas of the county have shown an increase in sales.  The average price and median price are still down, but by a much smaller margin.  Based on homes sold, the average price for a single-family home in Sussex County is $323,050, an 8% decrease as compared to last year's $352,095.  The median price is $240,000, a 2% decrease as compared to last year's $245,000.  The current inventory of single-family homes at the end of October was 2,417, a 3% decrease from the active inventory at the end of September, and an 11% decrease from the inventory available for sale at the beginning of last summer.

The good news is that the decreased inventory of available homes should eventually lead to sales prices increasing.   This has been the trend over the last six months:

Average Sales Price of Single-Family Homes YTD

November 2012 - $323,050

October 2012 - $320,912

September 2012 - $314,818

August 2012 - $311,081

July 2012 - $306,724

June 2012 - $303,562

For detailed statistics on specific areas of Sussex County, please click here to read our Market Watch Newsletter.  All statistics were compiled from the Sussex County Association of REALTORS® Multiple Listing Service.