Real Estate Market Watch - April 2020

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 1,658 homes on the market, a minimal decrease from the previous month's end inventory of 1,663.  This represents a 6-month's supply of inventory, with a current absorption rate of 293 homes sold per month thus far in 2020.

Closed Sales
For the first four months of 2020, sales of single-family homes in Sussex County are up 5% from last year, with 1,170 homes sold compared to 1,114 for the first four months of 2019.  The areas with the largest increase were the Dagsboro/Millsboro Area, up 47%, and the Anola/Long Neck/Millsboro Area, up 20%.  The areas with the largest decrease are the Bethany/Ocean View/Fenwick Area, down 15% and the Milton/Harbeson/Broadkill Area, down 6% 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, $403,263 compared to $388,267, a 5% increase.  The median sales price increased by 7% from the first 4-months of 2019, $313,907 compared to $294,500.

Pending Sales
Pending sales for the first four months of 2020 were practically the same compared to last year, with 1,195 homes going under contract through April of 2020, compared to 1,196 in 2019.

Days on Market
The average days on market for homes to go under contract has decreased by 12% for homes closed through April of this year compared to last.  In 2020, the current average days on market is 99 days, compared to 112 days through April of 2019.

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