Real Estate Market Watch Newsletter for July 2022
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.
To download the full Market Watch newsletter, click here.
The statistics referenced here and in the attached newsletter are based on detached single-family homes, derived from the Bright Multiple Listing Service.
Active Listings/Current Inventory
As of the end of July, there were a total of 1,001 homes on the market, an increase of 8% from the previous month's end inventory of 924. Of the 1,001 homes on the market at month’s end, 41% of them are new construction homes. The current homes on the market represents slightly less than a 3-month's supply of inventory, with a current absorption rate of 356 homes sold per month thus far in 2022. There were 457 new listings of single-family homes put on the market in July, with 29% of them going under contract by the month’s end.
For the month ending July 2022 YTD, sales of single-family homes in Sussex County are down 11% compared to the same timeframe as last year, with 2,490 homes sold compared to 2,807 for the month ending July 2021 YTD. All areas in the county saw a decrease in units sold. The areas with the smallest decrease were the Milton/Harbeson/Broadkill Area, down 1% and the Angola/Long Neck/Millsboro Area, down 3%. The area with the largest decrease was the Georgetown Area, down 27%.
Over the last 5 calendar years (2017-2021), annual sales have increased from 3,495 back in 2017 to 5,034 in 2021, a 44% increase over 5-years, or almost 9% per year.
The average sales price of single-family homes in Sussex County are up over last year through July YTD, $581,091 compared to $511,411, a 14% increase. The median sales price was also up over YTD 2021, $465,000 compared to $385,000, a 21% increase.
Over the last 5 calendar years (2017-2021), the average sales price has increased from $380,213 in 2017 to $525,687 in 2021, a 38% increase, or just over 7% per year. The median sales price has increased over the last 5 calendar years from $285,900 in 2017 to $400,00 in 2021, a 40% increase, or 8% per year.
Pending sales for the month ending July 2022 YTD were down by 23% compared to the same timeframe as last year, with 2,292 homes going under contract through July 2022 YTD, compared to 2,981 through July 2021 YTD.
Days on Market
The average days on market for homes to go under contract has decreased by 30% for homes that have closed through July of this year compared to last. In 2022, the current average days on market for these closed homes is 31 days, compared to 44 days through July of 2021.