Market Watch for July 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 Listng Service.

Active Listings/Current Inventory

As of the end of July, there were a total of 2,806 homes on the market, an increase of 3% over the previous month's end.  This represents a 14-month's supply of inventory, with a current absorption rate of 197 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: 104

$100,000 - $200,000: 524

$200,000 - $300,000: 790

$300,000 - $400,000: 502

$400,000 - $500,000: 274

$500,000 - $600,000: 181

$600,000 - $700,000: 101

$700,000 - $800,000: 58

$800,000 - $900,000: 61

$900,000 - $1,000,000: 38

$1,000,000 and up: 173

Closed Sales

For the first 7 months of 2014, sales of single-family homes in Sussex County are slightly down compared to last year, with 1,381 homes sold compared to 1,422 for the first 7 months of 2013, a 3% decrease.  The areas with the largest increases were the Georgetown Hundred, up 52% and the Lewes-Rehoboth Hundred, up 7%.  The areas with the largest decrease are the Broadkill Hundred and the Indian River Hunderd, with a 19% and 13% decrease, respectively, 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 7 months of last year, $361,060 compared to $324,023.  The median sales price was also up - $270,000 in 2014 compared to $251,158 in the first 7 months of 2013, an 8% increase.

Pending Sales

Pending sales for the first 7 months of 2014 were down slightly over last year, with 1,467 homes going under contract during the first 7 months of the year compared to 1,532 in 2013.  In the luxury market for the first 7 months, there were 78 homes listed over $1 Million that went pending in 2014, compared to 55 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 7 months of 2013, the average days on market for homes sold was 230 days.  For homes sold through July of 2014, the average days on market has been 224, which is a decrease of 3%.

Market Share for Berkshire Hathaway HomeServices Gallo Realty

Through July of this year, Gallo Realty has sold the 3rd most number of properties of all brokerages in Sussex County.  Gallo Realty has closed 392 units, which represents a 7.9% market share.