Real Estate Market Watch - January 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 sold in Sussex County, Delaware, and are compiled from the Bright Multiple Listing Service.

Active Listings/Current Inventory
As of the end of January, there were a total of 1,628 homes on the market, a decrease of 1% from the previous month's end inventory of 1,639.  This represents a 6-month's supply of inventory, with a current absorption rate of 255 homes sold per month thus far in 2020.  Of the total inventory, 37% (597 homes) of the homes available are new construction.

Closed Sales
For the first month of 2020, sales of single-family homes in Sussex County are up 21% compared to January of last year, with 255 homes sold compared to 210 for January 2019.  The areas with the largest increase are the Dagsboro/Millsboro Area, up 266% and the Milford/Lincoln/Slaughter Beach area up 115%.  The areas with the largest decrease are the Georgetown Area, down 20% and the Angola/Long Neck/Millsboro  Area, down 11% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are down over the first month of last year, $398,235 compared to $440,559, a 5% decrease.  The median sales price was up by 1% over January of 2019, $309,900 compared to $307,450.

Pending Sales
Pending sales for the first month of 2020 were up by 26% from last year, with 312 homes going under contract through January of 2020, compared to 247 in 2019.

Days on Market
The average days on market for homes to go under contract has decreased by 14% for homes sold through January of this year compared to last.  In 2020, the current average days on market is 102 days, compared to 119 days through January of 2019.

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