Monthly Market Watch - Month Ending February 2014

Berkshire Hathaway HomeServices Gallo Realty provides this monthly analysis of the real estate market in Sussex County, Delaware.  Wheteher 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. Sign-up for one or all of our programs to get started today!

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The statistics referenced here and in the attached newsletter are based on single family homes derived from the Sussex County Association of REALTORS Multiple Listng Service.

Active Listings/Current Inventory
As of the end of February, there were a total of 2,322 homes on the market, a slight increase of 2% over the previous month's end.  This represents a 16-month's supply of inventory, with a current absorption rate of 140 homes sold per month thus far in 2014.  Here is a breakdown of how many homes are for sale in specific price ranges:

$0 - $100,000
$100,000 - $200,000
$200,000 - $300,000
$300,000 - $400,000
$400,000 - $500,000
$500,000 - $600,000
$600,000 - $700,000
$700,000 - $800,000
$800,000 - $900,000
$900,000 - $1,000,000
$1,000,000 and up

Closed Sales
For the first two months of 2014, sales of single-family homes in Sussex County are up by 8% over last year, with 283 homes sold compared to 263 for the first two months of 2013.  The areas with the largest increases were Western Sussex County, up 33% and the Lewes & Rehoboth Hundred, up 25%.  The area with the largest decrease is the Indian River Hundred, with a 24% decrease from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County is up by 14% over the first two month period of last year, $326,826 compared to $287,474.  The median sales price was the same at $240,000.

Pending Sales
Pending sales for the first two months of 2014 were up by just 2% over last year, with 340 homes going under contract during the first two months of the year compared to 333 in 2013.

Days on Market
There has been a significant decrease in the average days on market from this year compared to last year.  For the first two months of 2013, the average days on market for homes sold was 243 days.  For homes sold during the first two months of 2014, the average days on market has been 218, which is a decrease of 10%.

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