Real Estate Market Watch Newsletter for November 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.
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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 November, there were a total of 661 homes on the market, a decrease of 6% from the previous month's end inventory of 701. Of the 661 homes on the market at month’s end, 42% of them are new construction homes. The current homes on the market represents less than a 2-month's supply of inventory, with a current absorption rate of 417 homes sold per month thus far in 2021. There were 392 new listings of single-family homes put on the market in November, with 54% of them going under contract by the month’s end.
For the first eleven months of 2021, sales of single-family homes in Sussex County are up 1% from last year, with 4,582 homes sold compared to 4,543 for the first eleven months of 2020. The areas with the largest increase were the Angola/Long Neck/Millsboro Area, up 20% and the Georgetown Area, up 19%. The area with the largest decrease was the Bethany/Oceanview/Fenwick Area, down 8%.
The average sales price of single-family homes in Sussex County are up over the first 11-month period of last year, $524,055 compared to $470,379, an 11% increase. The median sales price was also up over the first 11-months of 2020, $399,000 compared to $352,000, a 13% increase.
Pending sales for the first eleven months of 2021 were down by just above 2% over last year, with 4,623 homes going under contract through November of 2021, compared to 4,737 in 2020.
Days on Market
The average days on market for homes to go under contract has decreased by 49% for homes that have closed through November of this year compared to last. In 2021, the current average days on market for these closed homes is 39 days, compared to 76 days through November of 2020.