Real Estate Market Watch - May 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 May, there were a total of 2,066 homes on the market, an increase of 2% from the previous month's end inventory of 2,028.  This represents a 7-month's supply of inventory, with a current absorption rate of 288 homes sold per month thus far in 2019.

Closed Sales
For the first five months of 2019, sales of single-family homes in Sussex County are up 2% from last year, with 1,442 homes sold compared to 1,411 for the first five months of 2018.  The areas with the largest increase were the Georgetown Area, up 21% and the Milton/Harbeson/Broadkill Area, up 16%.  The areas with the largest decrease are the Angola/Long Neck/Millsboro Area, down 5% and the Dagsboro/Millsboro Area, down 4% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are down slightly compared to the first 5-month period of last year, $395,308 compared to $404,340, a 2% decrease.  The median sales price was down by 5% over the first 5-months of 2018, $290.424 compared to $306,000.

Pending Sales
Pending sales for the first 5-months of 2019 were up by less than 1% over last year, with 1,703 homes going under contract through May of 2019, compared to 1,697 in 2018.

Days on Market
The average days on market for homes to go under contract has decreased by 14% for homes sold through May of this year compared to last.  In 2019, the current average days on market is 107 days, compared to 125 days through May of 2018.

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