Real Estate Market Watch - August 2017

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 August, there were a total of 2,187 homes on the market, an increase of 1% from the previous month's end inventory of 2,187.  This represents an 8-month's supply of inventory, with a current absorption rate of 282 homes sold per month thus far in 2017.  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
69
245
563
490
294
139
81
64
50
31
161

Closed Sales
For the first 8-months of 2017, sales of single-family homes in Sussex County are up 20% over last year, with 2,253 homes sold compared to 1,878 for the first eight months of 2016.  The areas with the largest increase were the Bethany/Ocean View/Fenwick Area, up 32% and the Angola/Long Neck/Millsboro, up 24%.  The area with the largest decrease is the Milton Area, down 3% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County is up by 8% over the first 8-month period of last year, $379,119 compared to $351,185.  The median sales price was up by 6% compared to the first 8-months of 2016, $284,000 compared to $267,898.

Pending Sales
Pending sales for the first eight months of 2017 are up by 20% over last year, with 2,592 homes going under contract during the first eight months of 2017, compared to 2,160 in 2016.

Days on Market
The average days on market for homes to go under contract has decreased by 12% for homes sold in the first eight months of this year compared to last.  In 2017, the current average days on market is 127 days, compared to 144 days through August of 2016.

Market Share for Berkshire Hathaway HomeServices Gallo Realty
Through August of 2017, Gallo Realty has sold the 3rd most properties of all brokerages in Sussex County.
Gallo Realty has closed 676 units for $284,096,618 worth of real estate, which represents an 11.3% market share.

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