Real Estate Market Watch Newsletter for December 2020
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. Contact one of our agents for reliable information on the real estate market.
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The statistics referenced here and in the attached newsletter are based on single family homes derived from the Bright Multiple Listing Service.
Active Listings/Current Inventory
As of the end of December, there were a total of 823 homes on the market, a decrease of 9% from the previous month's end inventory of 904. This represents less than a 2-month's supply of inventory, with a current absorption rate of 417 homes sold per month in 2020. Of the total inventory, 53% (415 homes) of the homes available are new construction.
Closed Sales
For the year ending 2020, sales of single-family homes in Sussex County are up 21% from last year, with 5,001 homes sold compared to 4,148 for the year ending 2019. The areas with the largest increase were the Georgetown Area, up 60%, and the Lewes/Rehoboth/Dewey Area, up 31%. All areas of Sussex County showed an increase in the number of homes sold compared to the previous year.
Home Prices
The average sales price of single-family homes in Sussex County are up over last year, $467,120 compared to $414,529, a 13% increase. The median sales price was up by 13% over 2019, $350,490 compared to $310,000.
Pending Sales
Pending sales for the year ending 2020 were up by 29% from last year, with 5,038 homes going under contract through December of 2020, compared to 3,895 in 2019.
Days on Market
The average days on market for homes to go under contract has decreased by 13% for homes sold through December of this year compared to last. In 2020, the current average days on market is 79 days, compared to 91 days through December of 2019.
