Real Estate Market Watch - August 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 August, there were a total of 715 homes on the market, an increase of 2% from the previous month's end inventory of 701.    Of the 715 homes on the market at month’s end, 39% of them are new construction homes.  The current homes on the market represents less than a 2-month's supply of inventory, with a current absorption rate of 406 homes sold per month thus far in 2021.  There were 507 new listings of single-family homes put on the market in August, with 52% of them going under contract by the month’s end.

Closed Sales
For the first eight months of 2021, sales of single-family homes in Sussex County are up 8% from last year, with 3,245 homes sold compared to 3,005 for the first eight months of 2020.  The areas with the largest increase were the Georgetown Area, up 50% and the Angola/Long Neck/Millsboro Area, up 28%.  The only areas with a decrease are the Milton/Harbeson/Broadkill Beach Area, down 8%, and the Dagsboro Area, down 1%.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first 8-month period of last year, $515,479 compared to $450,411, a 14% increase.  The median sales price was also up over the first 8-months of 2020, $389,500 compared to $347,082, a 12% increase.

Pending Sales
Pending sales for the first eight months of 2021 were up by 5% over last year, with 3,447 homes going under contract through August of 2021, compared to 3,283 in 2020.

Days on Market
The average days on market for homes to go under contract has decreased by 47% for homes that have closed through August of this year compared to last.  In 2021, the current average days on market for these closed homes is 43 days, compared to 81 days through August of 2020.

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