Real Estate Market Watch - April 2021

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. Contact one of our agents for reliable information on the real estate market.

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The statistics referenced here and in the attached newsletter are based on detached 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 579 homes on the market, a decrease of 10% from the previous month's end inventory of 646.  This represents less than a 2-month's supply of inventory, with a current absorption rate of 357 homes sold per month thus far in 2021.  There were 527 new listings of single-family homes put on the market in April, with 72% of them going under contract by the month’s end.  Of the 579 homes on the market at month’s end, 46% of them are new construction homes.

Closed Sales
For the first four months of 2021, sales of single-family homes in Sussex County are up 22% from last year, with 1,428 homes sold compared to 1,173 for the first four months of 2020.  The areas with the largest increase were the Georgetown Area, up 67% and the Angola/Long Neck/Millsboro Area, up 47%.  The only area with a decrease is the Milford/Lincoln/Slaughter Beach Area, down 12%.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first 4-month period of last year, $509,505 compared to $404,770, a 26% increase.  The median sales price was also up over the first 4-months of 2020, $374,900 compared to $315,000, a 19% increase.

Pending Sales
Pending sales for the first four months of 2021 were up by 38% over last year, with 1,725 homes going under contract through April of 2021, compared to 1,173 in 2020.  This large increase can be attributed to the pandemic, where the market was basically shut down between mid-March and April of last year.

Days on Market
The average days on market for homes to go under contract has decreased by 40% for homes sold through April of this year compared to last.  In 2021, the current average days on market is 53 days, compared to 89 days through April of 2020.

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