Real Estate Market Watch - March 2021

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. Contact one of our agents for reliable information on the real estate market.

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The statistics referenced here and in the attached newsletter are based on detached 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 646 homes on the market, a decrease of 1% from the previous month's end inventory of 650.  This represents slightly less than a 2-month's supply of inventory, with a current absorption rate of 332 homes sold per month thus far in 2021.  There were 505 new listings of single family homes put on the market in March, with 73% of them going under contract by the month’s end.  Of the 646 homes on the market at month’s end, 54% of them are new construction homes.

Closed Sales
For the first three months of 2021, sales of single-family homes in Sussex County are up 13% from last year, with 995 homes sold compared to 877 for the first three months of 2020.  The areas with the largest increase were the Georgetown Area, up 71% and the Angola/Long Neck/Millsboro Area, up 32%.  The areas with the largest decrease are the Milford/Lincoln/Slaughter Beach Area, down 19% and the Dagsboro/Millsboro Area, down 2% 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, $494,189 compared to $411,567, a 20% increase.  The median sales price was also up over the first 3-months of 2020, $362,490 compared to $320,000, a 13% increase.

Pending Sales
Pending sales for the first three months of 2021 were up by 22% over last year, with 1,188 homes going under contract through March of 2021, compared to 976 in 2020.

Days on Market
The average days on market for homes to go under contract has decreased by 36% for homes sold through March of this year compared to last.  In 2021, the current average days on market is 57 days, compared to 89 days through March of 2020.

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