Real Estate Market Watch Newsletter for June 2021
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 June, there were a total of 665 homes on the market, an increase of 9% from the previous month's end inventory of 612. Of the 665 homes on the market at month’s end, 38% of them are new construction homes. This represents less than a 2-month's supply of inventory, with a current absorption rate of 391 homes sold per month thus far in 2021. There were 605 new listings of single-family homes put on the market in June, with 52% of them going under contract by the month’s end.
Closed Sales
For the first six months of 2021, sales of single-family homes in Sussex County are up 19% from last year, with 2,348 homes sold compared to 1,965 for the first six months of 2020. The areas with the largest increase were the Angola/Long Neck/Millsboro Area, up 48% and the Georgetown Area, up 38%. The only area with a decrease is the Milford/Lincoln/Slaughter Beach Area, down 1%.
Home Prices
The average sales price of single-family homes in Sussex County are up over the first 6-month period of last year, $502,355 compared to $428,571, a 17% increase. The median sales price was also up over the first 6-months of 2020, $378,875 compared to $337,500, a 12% increase.
Pending Sales
Pending sales for the first six months of 2021 were up by 21% over last year, with 2,578 homes going under contract through June of 2021, compared to 2,129 in 2020. This large increase can be attributed to the pandemic, where the market was basically shut down between mid-March and April of last year.
Days on Market
The average days on market for homes to go under contract has decreased by 41% for homes that have closed through June of this year compared to last. In 2021, the current average days on market for these closed homes is 47 days, compared to 79 days through June of 2020.
