Real Estate Market Watch - October 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. Contact one of our agents for reliable information on the real estate market.

To download the full Market Watch newsletter, click here.

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 October, there were a total of 952 homes on the market, a decrease of 6% from the previous month's end inventory of 1,011.  This represents slightly more than a 2-month's supply of inventory, with a current absorption rate of 398 homes sold per month thus far in 2020.

Closed Sales
For the first ten months of 2020, sales of single-family homes in Sussex County are up 16% from last year, with 3,976 homes sold compared to 3,423 for the first ten months of 2019.  The areas with the largest increase were the Georgetown Area, up 28%, and the Lewes/Rehoboth/Dewey Area, up 27%.  All areas of Sussex County showed an increase in the number of homes sold compared to the previous year.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first 10-month period of last year, $460,326 compared to $411,728, a 12% increase.  The median sales price increased by 13% from the first 10-months of 2019, $345,000 compared to $305,000.

Pending Sales
Pending sales for the first ten months of 2020 are up by 27% compared to last year, with 4,336 homes going under contract through October of 2020, compared to 3,414 in 2019.

Days on Market
The average days on market for homes to go under contract has decreased by 8% for homes closed through October of this year compared to last.  In 2020, the current average days on market is 85 days, compared to 92 days through October of 2019.

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