Real Estate Market Watch - February 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 February, there were a total of 1,877 homes on the market, an increase of 6% from the previous month's end inventory of 1,769.  This represents a 10-month's supply of inventory, with a current absorption rate of 190 homes sold per month thus far in 2018.

Closed Sales
For the first two months of 2018, sales of single-family homes in Sussex County are down from last year, with 379 homes sold compared to 423 for the first two months of 2017.  The areas with the largest increase were the Georgetown Area, up 25% and the Dagsboro/Millsboro Area, up 15%.  The areas with the largest decrease are Western Sussex County, down 23% and the Bethany/Ocean View/Fenwick Area, down 12% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first 2-month period of last year, $382,832 compared to $368,271, a 4% increase.  The median sales price was up by 13% over the first 2-month of 2017, $397,500 compared to $264,000.

Pending Sales
Pending sales for the first two months of 2018 were down by 3% over last year, with 529 homes going under contract through February of 2018, compared to 549 in 2017.

Days on Market
The average days on market for homes to go under contract has decreased by 20% for homes sold through February of this year compared to last.  In 2018, the current average days on market is 118 days, compared to 147 days through February of 2017.

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