Market Watch for April 2014

May 14, 2014

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 sale 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 and in the attached newsletter 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 April, there were a total of 2,627 homes on the market, an increase of 7% over the previous month's end.  This represents a 16-month's supply of inventory, with a current absorption rate of 164 homes sold per month thus far in 2014.  Here is a breakdown of how many homes are for sale in specific price ranges:

$0 - $100,000: 95

$100,000 - $200,000: 490

$200,000 - $300,000: 714

$300,000 - $400,000:   469

$400,000 - $500,000:   267

$500,000 - $600,000:   183

$600,000 - $700,000: 105

$700,000 - $800,000: 46

$800,000 - $900,000: 49

$900,000 - $1,000,000:   45

$1,000,000 and up:   164

Closed Sales
For the first 4 months of 2014, sales of single-family homes in Sussex County are slightly ahead compared to last year, with 654 homes sold compared to 648 for the first quarter of 2013, a 1% increase.  The areas with the largest increases were the Georgetown Hundred, up 53% and the Dagsboro Hundred, up 13%. The area with the largest decrease is the Broadkill Hundred, with an 8% decrease from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County is up by 9% over the first 4 months of last year, $339,668 compared to $312,899.  The median sales price was also up - $255,500 in 2014 compared to $246,787 in the first 4 months of 2013.

Pending Sales
Pending sales for the quarter of 2014 were down slightly over last year, with 757 homes going under contract during the first 4 months of the year compared to 766 in 2013.  In the luxury market for the first 4 months, there were 40 homes listed over $1 Million that went pending in 2014, compared to 24 in the same price range in 2013.

Days on Market
There has been a significant decrease in the average days on market from this year compared to last year.  For the first 4 months of 2013, the average days on market for homes sold was 241 days.  For homes sold through April of 2014, the average days on market has been 228, which is a decrease of 5%.

Market Share for Berkshire Hathaway HomeServices Gallo Realty
Through April of this year, Gallo Realty has sold the 2nd most number of properties of all brokerages in Sussex County.  Gallo Realty has closed 200 units, which represents an 8.2% market share.