Real Estate Market Watch - December 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 December, there were a total of 585 homes on the market, a decrease of 12% from the previous month's end inventory of 661.    Of the 585 homes on the market at month’s end, 49% 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 420 homes sold per month thus far in 2021.  There were 266 new listings of single-family homes put on the market in December, with 53% of them going under contract by the month’s end.

Closed Sales
For the year ending 2021, sales of single-family homes in Sussex County are up 2% from last year, with 5,034 homes sold compared to 4,959 for the year ending 2020.  The areas with the largest increase were the Angola/Long Neck/Millsboro Area, up 26% and the Georgetown Area, up 19%.  The area with the largest decrease was the Milton/Harbeson/Broadkill Area, down 8%.

Over the last 5-years, annual sales have increased from 3,495 back in 2017 to 5,034 in 2021, a 44% increase over 5-years, or almost 9% per year.

Home Prices
The average sales price of single-family homes in Sussex County are up over last year, $525,687 compared to $468,442, a 12% increase.  The median sales price was also up over 2020, $400,000 compared to $350,000, a 14% increase.

Over the last 5-years, the average sales price has increased from $380,213 in 2017 to $525,687 in 2021, a 38% increase, or just over 7% per year.  The median sales price has increased over the last 5-years from $285,900 in 2017 to $400,00 in 2021, a 40% increase, or 8% per year.

Pending Sales
Pending sales for the year ending 2021 were down by just above 2% over last year, with 4,926 homes going under contract in 2021, compared to 5,041 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 December of this year compared to last.  In 2021, the current average days on market for these closed homes is 39 days, compared to 78 days through December of 2020.

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