Real Estate Market Watch - March 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 March, there were a total of 1,996 homes on the market, an increase of 8% from the previous month's end inventory of 1,842.  This represents an 8-month's supply of inventory, with a current absorption rate of 243 homes sold per month thus far in 2019.

Closed Sales
For the first quarter of 2019, sales of single-family homes in Sussex County are up from last year, with 729 homes sold compared to 715 for the first quarter of 2018.  The areas with the largest increase were the Milton/Harbeson/Broadkill Area, up 31% and Western Sussex County, up 21%.  The areas with the largest decrease are the Dagsboro/Millsboro Area, down 33% and the Georgetown Area, down 18% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are down over the first 3-month period of last year, $395,327 compared to $402,795, a 2% decrease.  The median sales price was down by 2% over the first 3-months of 2018, $299,000 compared to $305,000.

Pending Sales
Pending sales for the first quarter of 2019 were down by 6% over last year, with 886 homes going under contract through March of 2019, compared to 938 in 2018.

Days on Market
The average days on market for homes to go under contract has decreased by 16% for homes sold through March of this year compared to last.  In 2019, the current average days on market is 107 days, compared to 127 days through March of 2018.

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