Real Estate Market Watch - February 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 Listng Service.

Active Listings/Current Inventory
As of the end of February, there were a total of 1,666 homes on the market, an increase of 2% from the previous month's end inventory of 1,628.  This represents a 6-month's supply of inventory, with a current absorption rate of 262 homes sold per month thus far in 2020.

Closed Sales
For the first two months of 2020, sales of single-family homes in Sussex County are up 21% from last year, with 524 homes sold compared to 432 for the first two months of 2019.  The areas with the largest increase were the Milford/Lincoln/Slaughter Beach Area, up 87% and the Dagsboro/Millsboro Area, up 80%.  The areas with the largest decrease are the Bethany/Ocean View/Fenwick Area, down 8% and the Western Sussex County, down 2% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are down over the first 2-month period of last year, $400,266 compared to $408,628, a 2% decrease.  The median sales price was basically the same as the first 2-months of 2019, $300,000 compared to $299,450.

Pending Sales
Pending sales for the first two months of 2020 were up by 24% over last year, with 661 homes going under contract through February of 2020, compared to 533 in 2019.

Days on Market
The average days on market for homes to go under contract has decreased by 16% for homes sold through February of this year compared to last.  In 2020, the current average days on market is 97 days, compared to 116 days through February of 2019.

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