Real Estate Market Watch - September 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 September, there were a total of 734 homes on the market, an increase of 3% from the previous month's end inventory of 715.    Of the 734 homes on the market at month’s end, 40% 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 406 homes sold per month thus far in 2021.  There were 500 new listings of single-family homes put on the market in September, with 48% of them going under contract by the month’s end.

Closed Sales
For the first nine months of 2021, sales of single-family homes in Sussex County are up 3% from last year, with 3,654 homes sold compared to 3,533 for the first nine months of 2020.  The areas with the largest increase were the Georgetown Area, up 45% and the Angola/Long Neck/Millsboro Area, up 26%.  The area with the largest decrease is the Milton/Harbeson/Broadkill Beach Area, down 12%.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first 9-month period of last year, $516,334 compared to $461,651, a 12% increase.  The median sales price was also up over the first 9-months of 2020, $390,000 compared to $349.900, an 11% increase.

Pending Sales
Pending sales for the first nine months of 2021 were up by just less than 1% over last year, with 3,843 homes going under contract through September of 2021, compared to 3,826 in 2020.

Days on Market
The average days on market for homes to go under contract has decreased by 49% for homes that have closed through September of this year compared to last.  In 2021, the current average days on market for these closed homes is 41 days, compared to 80 days through September of 2020.

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