Market Watch For May 2014

June 16, 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 May, there were a total of 2,710 homes on the market, an increase of 3% over the previous month's end.  This represents a 15-month's supply of inventory, with a current absorption rate of 180 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:   97 
$100,000 - $200,000:   521
$200,000 - $300,000:   726
$300,000 - $400,000:   464
$400,000 - $500,000:   280
$500,000 - $600,000:   193
$600,000 - $700,000:   106
$700,000 - $800,000:  57
$800,000 - $900,000:  55
$900,000 - $1,000,000:   45
$1,000,000 and up:  166

Closed Sales

For the first 5 months of 2014, sales of single-family homes in Sussex County are slightly down compared to last year, with 900 homes sold compared to 935 for the first 5 months of 2013, a 4% decrease.  The areas with the largest increases were the Georgetown Hundred, up 53% and Western Sussex County, up 9%.  The area with the largest decrease is the Broadkill Hundred, with an 18% decrease from last year to date.

Home Prices

The average sales price of single-family homes in Sussex County is up by 11% over the first 5 months of last year, $357,961 compared to $323,934.  The median sales price was also up - $270,000 in 2014 compared to $254,000 in the first 5 months of 2013.

Pending Sales
Pending sales for the first 5 months of 2014 were down slightly over last year, with 1,005 homes going under contract during the first 5 months of the year compared to 1,033 in 2013.  In the luxury market for the first 5 months, there were 52 homes listed over $1 Million that went pending in 2014, compared to 33 in the same price range in 2013.

Days on Market

There has been a decrease in the average days on market from this year compared to last year.  For the first 5 months of 2013, the average days on market for homes sold was 238 days.  For homes sold through May of 2014, the average days on market has been 225, which is a decrease of 5%.

Market Share for Berkshire Hathaway HomeServices Gallo Realty

Through April of this year, Gallo Realty has sold the 4th most number of properties of all brokerages in Sussex County.  Gallo Realty has closed 257 units, which represents a 7.7% market share.