Real Estate Market Watch - April 2015

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 March, there were a total of 2,574 homes on the market, a slight increase of 3% from the previous month's end.  This represents a 13-month's supply of inventory, with a current absorption rate of 201 homes sold per month thus far in 2015.  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
95
411
690
476
310
178
105
51
59
30
169

Closed Sales
For the first four months of 2015, sales of single-family homes in Sussex County are up by 14% over last year, with 803 homes sold compared to 707 for the first four months of 2014.  The areas with the largest increases were Dagsboro Hundred, up 38% and the Baltimore Hundred, up 35%.  The area with the largest decrease is the Georgetown Hundred, with a 9% decrease from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County is up by 10% over the first four-month period of last year, $378,084 compared to $344,364.  The median sales price was the up by 2% over the first four months of 2014, $275,327 compared to $269,000.

Pending Sales
Pending sales for the first four months of 2015 were up by 27% over last year, with 994 homes going under contract during the first four months of 2015, compared to 744 in 2014.

Days on Market
There has been a slight increase in the average days on market from 2015 compared to last year for the first four months.  The average days on market for homes sold was 240 days for sales through April.  For homes sold through April of 2014, the average days on market was 231, which is an increase of 4%.

Market Share for Berkshire Hathaway HomeServices Gallo Realty
Through the first four months of 2015, Gallo Realty has sold the 3rd most number of properties of all brokerages in Sussex County.  Gallo Realty has closed 211 units, which represents an 8% market share.

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