Real Estate Market Watch - August 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 August, there were a total of 1,132 homes on the market, a decrease of 11% from the previous month's end inventory of 1,271.  This represents slightly overa 3-month's supply of inventory, with a current absorption rate of 361 homes sold per month thus far in 2020.

Closed Sales
For the first eight months of 2020, sales of single-family homes in Sussex County are up 10% from last year, with 2,890 homes sold compared to 2,639 for the first eight months of 2019.  The areas with the largest increase were the Lewes/Rehoboth/Dewey Area, up 26%, and the Georgetown Area, up 25%.  The only area with a decrease was the Bethany/Ocean View/Fenwick Area, 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, $438,405 compared to $408,226, a 7% increase.  The median sales price increased by 12% from the first 8-months of 2019, $335,000 compared to $300,000.

Pending Sales
Pending sales for the first eight months of 2020 are up by 20% compared to last year, with 3,257 homes going under contract through August of 2020, compared to 2,712 in 2019.

Days on Market
The average days on market for homes to go under contract has decreased by 5% for homes closed through August of this year compared to last.  In 2020, the current average days on market is 98 days, compared to 103 days through August of 2019.

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