Real Estate Market Watch - July 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 derived from the Bright Multiple Listing Service.

Active Listings/Current Inventory
As of the end of July, there were a total of 1,966 homes on the market, a decrease of 5%  from the previous month's end inventory of 2,060.  This represents a 6-month's supply of inventory, with a current absorption rate of 309 homes sold per month thus far in 2019.

Closed Sales
For the first seven months of 2019, sales of single-family homes in Sussex County are slightly down from last year, with 2,163 homes sold compared to 2,173 for the first seven months of 2018.  The areas with the largest increase were the Milton/Harbeson/Broadkill Area, up 25% and Western Sussex County, up 6%.  The areas with the largest decrease are the Georgetown Area, down 17% and the Angola/Long Neck/Millsboro Area, down 7% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are up compared to the first 7-month period of last year, $407,770 compared to $395,924, a 3% increase.  The median sales price was down slightly by less than 1% over the first 7-months of 2018, $299,656 compared to $299,999.

Pending Sales
Pending sales for the first seven months of 2019 were up by 3% over last year, with 2,314 homes going under contract through July of 2019, compared to 2,238 in 2018.

Days on Market
The average days on market for homes to go under contract has decreased by 13% for homes sold through July of this year compared to last.  In 2019, the current average days on market is 105 days, compared to 120 days through July of 2018.

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