Real Estate Market Watch - February 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.

To download the full Market Watch newsletter, click here.

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 February, there were a total of 650 homes on the market, a decrease of 13% from the previous month's end inventory of 743.  This represents slightly more than a 2-month's supply of inventory, with a current absorption rate of 304 homes sold per month thus far in 2021.

Closed Sales
For the first two months of 2021, sales of single-family homes in Sussex County are up 13% from last year, with 608 homes sold compared to 540 for the first two months of 2020.  The areas with the largest increase were the Georgetown Area, up 55% and the Bethany/Ocean View/Fenwick Area, up 29%.  The areas with the largest decrease are the Milford/Lincoln/Slaughter Beach Area, down 16% and the Dagsboro/Millsboro Area, down 3% 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, $495,247 compared to $401,340, a 23% increase.  The median sales price was also up over the first 2-months of 2020, $349,050 compared to $307,350, a 14% increase.

Pending Sales
Pending sales for the first two months of 2021 were up by 11% over last year, with 702 homes going under contract through February of 2021, compared to 632 in 2020.

Days on Market
The average days on market for homes to go under contract has decreased by 33% for homes sold through February of this year compared to last.  In 2021, the current average days on market is 58 days, compared to 87 days through February of 2020.

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