Real Estate Market Watch - October 2017

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 Sussex County Association of REALTORS Multiple Listng Service.

Active Listings/Current Inventory
As of the end of October, there were a total of 2,059 homes on the market, a decrease of 5% from the previous month's end inventory of 2,165.  This represents an 7-month's supply of inventory, with a current absorption rate of 287 homes sold per month thus far in 2017.  Here is a breakdown of how many homes are for sale in specific price ranges:

$0 - $100,000
$100,000 - $200,000
$200,000 - $300,000
$300,000 - $400,000
$400,000 - $500,000
$500,000 - $600,000
$600,000 - $700,000
$700,000 - $800,000
$800,000 - $900,000
$900,000 - $1,000,000
$1,000,000 and up

Closed Sales
For the first 10-months of 2017, sales of single-family homes in Sussex County are up 16% over last year, with 2,874 homes sold compared to 2,485 for the first ten months of 2016.  The areas with the largest increase were the Bethany/Ocean View/Fenwick Area, up 22%, and the Angola/Long Neck/Millsboro, up 20%.

Home Prices
The average sales price of single-family homes in Sussex County is up by 6% over the first 10-month period of last year, $381,338 compared to $358,600.  The median sales price was up by 4% compared to the first 10-months of 2016, $285,000 compared to $275,000.

Pending Sales
Pending sales for the first ten months of 2017 are up by 17% over last year, with 3,194 homes going under contract during the first ten months of 2017, compared to 2,723 in 2016.

Days on Market
The average days on market for homes to go under contract has decreased by 11% for homes sold in the first ten months of this year compared to last.  In 2017, the current average days on market is 124 days, compared to 140 days through September of 2016.

Market Share for Berkshire Hathaway HomeServices Gallo Realty
Through October of 2017, Gallo Realty has sold the 3rd most properties of all brokerages in Sussex County.
Gallo Realty has closed 867 units for $358,995,754 worth of real estate, which represents an 11% market share.


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