BHHS Gallo Realty Real Estate Market Watch
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. Sign-up for one or all of our programs to get started today!
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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 June, there were a total of 2,147 homes on the market, an increase of 5% from the previous month's end inventory of 2,050. This represents an 8-month's supply of inventory, with a current absorption rate of 282 homes sold per month thus far in 2018. Of the total inventory, 33.5% (719 homes) of the homes available are new construction.
Closed Sales
For the first six months of 2018, sales of single-family homes in Sussex County are down 3% from last year, with 1,689 homes sold compared to 1,750 for the first six months of 2017. The areas with the largest increase were the Bethany/Ocean View/Fenwick Area, up 10% and the Lewes/Rehoboth/Dewey Area, up 1%. The areas with the largest decrease are the Angola/Long Neck/Millsboro Area, down 13%, and the Milford Area, down 11% from last year to date.
Home Prices
The average sales price of single-family homes in Sussex County are up over the first 6-month period of last year, $410,589 compared to $378,379, a 9% increase. The median sales price was up by 12% over the first 6-month of 2017, $314,809 compared to $280,000.
Pending Sales
Pending sales for the first six months of 2018 were up by 1% over last year, with 1,992 homes going under contract through June of 2018, compared to 1,966 in 2017.
Days on Market
The average days on market for homes to go under contract has decreased by 10% for homes sold through June of this year compared to last. In 2018, the current average days on market is 122 days, compared to 136 days through June of 2017.
