Real Estate Market Watch - August 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 August, there were a total of 2,184 homes on the market, an increase of 4% from the previous month's end inventory of 2,098.  This represents a 7-month's supply of inventory, with a current absorption rate of 300 homes sold per month thus far in 2018.  Of the total inventory, 32% (702 homes) of the homes available are new construction.

Closed Sales
For the first eight months of 2018, sales of single-family homes in Sussex County are up 2% from last year, with 2,405 homes sold compared to 2,363 for the first eight months of 2017.  The areas with the largest increase were the Bethany/Ocean View/Fenwick Area, up 14% and the Georgetown Area, up 9%.  The areas with the largest decrease are the Milton Area, down 8%, and Western Sussex County, down 4% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first 8-month period of last year, $401,763 compared to $376,281, a 7% increase.  The median sales price was up by 7% over the first 8-month of 2017, $305,500 compared to $285,000.

Pending Sales
Pending sales for the first eight months of 2018 were down by less than 1% from last year, with 2,681 homes going under contract through August of 2018, compared to 2,690 in 2017.

Days on Market
The average days on market for homes to go under contract has decreased by 11% for homes sold through August of this year compared to last.  In 2018, the current average days on market is 120 days, compared to 135 days through August of 2017.

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