Real Estate Market Watch - April 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. 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 Bright Multiple Listing Service.

Active Listings/Current Inventory
As of the end of April, there were a total of 2,028 homes on the market, an increase of 2% from the previous month's end inventory of 1,996.  This represents an 8-month's supply of inventory, with a current absorption rate of 270 homes sold per month thus far in 2019.

Closed Sales
For the first four months of 2019, sales of single-family homes in Sussex County are up 1% from last year, with 1,080 homes sold compared to 1,068 for the first four months of 2018.  The areas with the largest increase were the Milton/Harbeson/Broadkill Area, up 26% and the Milford/Lincoln/Slaughter Beach Area, up 19%.  The areas with the largest decrease are the Georgetown Area, down 27% and the Dagsboro/Millsboro Area, down 15% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are down compared to the first 4-month period of last year, $389,929 compared to $403,427, a 3% decrease.  The median sales price was down by 6% over the first 4-months of 2018, $292,500 compared to $310,000.

Pending Sales
Pending sales for the first 4-months of 2019 were up by less than 1% over last year, with 1,289 homes going under contract through April of 2019, compared to 1,283 in 2018.

Days on Market
The average days on market for homes to go under contract has decreased by 15% for homes sold through April of this year compared to last.  In 2019, the current average days on market is 110 days, compared to 130 days through April of 2018.

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