Real Estate Market Watch - April 2018

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. 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 April, there were a total of 1,993 homes on the market, an increase of 4% from the previous month's end inventory of 1,917.  This represents an 8-month's supply of inventory, with a current absorption rate of 246 homes sold per month thus far in 2018.

Closed Sales
For the first four months of 2018, sales of single-family homes in Sussex County are down 1% from last year, with 984 homes sold compared to 995 for the first four months of 2017.  The areas with the largest increase were the Milton/Harbeson/Broadkill Area, up 24% and the Bethany/Fenwick/Oceanview Area, up 7%.  The areas with the largest decrease are the Milford Area, down 21%, and Western Sussex County, down 12% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first 4-month period of last year, $411,569 compared to $375,540, a 10% increase.  The median sales price was up by 13% over the first 4-month of 2017, $310,000 compared to $274,250.

Pending Sales
Pending sales for the first four months of 2018 were up by 3% over last year, with 1,258 homes going under contract through April of 2018, compared to 1,219 in 2017.

Days on Market
The average days on market for homes to go under contract has decreased by 8% for homes sold through April of this year compared to last.  In 2018, the current average days on market is 131 days, compared to 143 days through April of 2017.

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