Real Estate Market Watch - October 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 October, there were a total of 701 homes on the market, a decrease of 5% from the previous month's end inventory of 734.    Of the 701 homes on the market at month’s end, 41% of them are new construction homes.  The current homes on the market represents less than a 2-month's supply of inventory, with a current absorption rate of 414 homes sold per month thus far in 2021.  There were 457 new listings of single-family homes put on the market in October, with 47% of them going under contract by the month’s end.

Closed Sales
For the first ten months of 2021, sales of single-family homes in Sussex County are up 2% from last year, with 4,138 homes sold compared to 4,056 for the first ten months of 2020.  The areas with the largest increase were the Georgetown Area, up 36% and the Angola/Long Neck/Millsboro Area, up 23%.  The areas with the largest decrease were the Milton/Harbeson/Broadkill Beach Area, down 9% and the Dagsboro/Millsboro Area, down 8%.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first 10-month period of last year, $518,095 compared to $468,307, an 11% increase.  The median sales price was also up over the first 10-months of 2020, $390,931 compared to $350,000, a 12% increase.

Pending Sales
Pending sales for the first ten months of 2021 were down by just less than 2% over last year, with 4,250 homes going under contract through October of 2021, compared to 4,323 in 2020.

Days on Market
The average days on market for homes to go under contract has decreased by 50% for homes that have closed through October of this year compared to last.  In 2021, the current average days on market for these closed homes is 40 days, compared to 80 days through October of 2020.

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