BHHS Gallo Realty Real Estate Market Watch

August 10, 2018

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 July, there were a total of 2,098 homes on the market, a decrease of 2% from the previous month's end inventory of 2,147. This represents a 7-month's supply of inventory, with a current absorption rate of 297 homes sold per month thus far in 2018. Of the total inventory, 34% (713 homes) of the homes available are new construction.

Closed Sales
For the first seven months of 2018, sales of single-family homes in Sussex County are up 2% from last year, with 2,062 homes sold compared to 2,028 for the first seven months of 2017. The areas with the largest increase were the Georgetown Area, up 15% and the Bethany/Ocean View/Fenwick Area, up 14%. The areas with the largest decrease are Western Sussex County, down 6%, and the Angola/Long Neck/Millsboro Area, down 5% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first 7-month period of last year, $404,884 compared to $374,694, an 8% increase. The median sales price was up by 9% over the first 7-month of 2017, $305,000 compared to $280,000.

Pending Sales
Pending sales for the first seven months of 2018 were up by 1% over last year, with 2,372 homes going under contract through July of 2018, compared to 2,346 in 2017.

Days on Market
The average days on market for homes to go under contract has decreased by 11% for homes sold through July of this year compared to last. In 2018, the current average days on market is 122 days, compared to 137 days through July of 2017.