Real Estate Market Watch - January 2019

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 sold in Sussex County, Delaware, and are compiled from the Bright Multiple Listng Service.

Active Listings/Current Inventory
As of the end of January, there were a total of 1,831 homes on the market, a decrease of 1% from the previous month's end inventory of 1,842.  This represents an 11-month's supply of inventory, with a current absorption rate of 174 homes sold per month thus far in 2019.  Of the total inventory, 35% (646 homes) of the homes available are new construction.

Closed Sales
For the first month of 2019, sales of single-family homes in Sussex County are down 25% compared to January of last year, with 174 homes sold compared to 232 for January 2018.  The area with the largest increase was the Milton/Harbeson/Broadkill Area, up 1% .  The areas with the largest decrease are the Dagsboro/Millsboro Area, down 64% and the Milford/Lincoln/Slaughter Beach Area, down 45% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first month of last year, $460,110 compared to $395,909, a 16% increase.  The median sales price was up by 4% over January of 2018, $314,114 compared to $302,216.

Pending Sales
Pending sales for the January 2019 were up by just under 1% from last year, with 261 homes going under contract through January of 2019, compared to 259 in 2018.

Days on Market
The average days on market for homes to go under contract has decreased by 13% for homes sold through January of this year compared to last.  In 2019, the current average days on market is 110 days, compared to 127 days through January of 2018.

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