Real Estate Market Watch Newsletter for October 2019
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. For a full analysis of any property, please contact one of our Sales Professionals.
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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 October, there were a total of 1,805 homes on the market, a decrease of 4% from the previous month's end inventory of 1,888. This represents a 5-month's supply of inventory, with a current absorption rate of 340 homes sold per month thus far in 2019.
For the first ten months of 2019, sales of single-family homes in Sussex County are up by 6% over last year, with 3,396 homes sold compared to 3,201 for the first ten months of 2018. The areas with the largest increase were the Milton/Harbeson/Broadkill Area, up 33% and the Dagsboro/Millsboro Area, up 19%. The areas with the largest decrease are the Georgetown Area, down 22% and the Angola/Long Neck/Millsboro Area, down 2% from last year to date.
The average sales price of single-family homes in Sussex County are up compared to the first 10-month period of last year, $412,001 compared to $393,729, a 5% increase. The median sales price is up by 2% compared to the first 10-months of 2018, $305,000 compared to $299,900.
Pending sales for the first ten months of 2019 were up by 10% over last year, with 3,525 homes going under contract through October of 2019, compared to 3,215 in 2018.
Days on Market
The average days on market for homes to go under contract has decreased by 11% for homes sold through October of this year compared to last. In 2019, the current average days on market is 102 days, compared to 114 days through October of 2018.