Real Estate Market Watch - March 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 derived from the Bright Multiple Listng Service.

Active Listings/Current Inventory
As of the end of March, there were a total of 1,663 homes on the market, a minmimal decrease from the previous month's end inventory of 1,666.  This represents a 6-month's supply of inventory, with a current absorption rate of 292 homes sold per month thus far in 2020.

Closed Sales
For the first quarter of 2020, sales of single-family homes in Sussex County are up 14% from last year, with 876 homes sold compared to 771 for the first three months of 2019.  The areas with the largest increase were the Dagsboro/Millsboro Area, up 84%, and the Milford/Lincoln/Slaughter Beach Area, up 36%.  The areas with the largest decrease are the Milton/Harbeson/Broadkill Area, down 6% and the Western Sussex County Area, down 5% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first 3-month period of last year, $409,337 compared to $391,662, a 5% increase.  The median sales price increased by 5% from the first 3-months of 2019, $315,000 compared to $299,000.

Pending Sales
Pending sales for the first quarter of 2020 were up by 14% over last year, with 988 homes going under contract through March of 2020, compared to 866 in 2019.

Days on Market
The average days on market for homes to go under contract has decreased by 11% for homes sold through March of this year compared to last.  In 2020, the current average days on market is 100 days, compared to 112 days through March of 2019.

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