Real Estate Market Watch - December 2022

Berkshire Hathaway HomeServices PenFed 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 938 homes on the market, a decrease of 9% from the previous month's end inventory of 1,034.    Of the 938 homes on the market at month’s end, 50% of them are new construction homes.  The current homes on the market represents less than a 3-month's supply of inventory, with a current absorption rate of 348 homes sold per month in 2022.

Closed Sales
For the year ending 2022, sales of single-family homes in Sussex County are down 17% from last year, with 4,173 homes sold compared to 5,053 for the year ending 2021.  All areas of the county showed a decrease, with the largest decreases in the Georgetown Area, down 33% and the Milford/Lincoln/Slaughter Beach Area, down 25%.

Home Prices
The average sales price of single-family homes in Sussex County are up over last year, $584,052 compared to $525,463, an 11% increase.  The median sales price was also up over 2021, $470,690 compared to $400,000, an 18% increase.

Over the last 5-years, the average sales price has increased from $404,721 in 2018 to $584,052 in 2022, a 44% increase, or just under 9% per year.  The median sales price has increased over the last 5-years from $380,087 in 2018 to $470,690 in 2022, a 24% increase, or almost 5% per year.

Pending Sales
Pending sales for the year ending 2022 were down by over 26% over last year, with 3,601 homes going under contract in 2022, compared to 4,894 in 2021.

Days on Market
The average days on market for homes to go under contract has decreased by 3% for homes that have closed through December of this year compared to last.  In 2022, the current average days on market for these closed homes is 36 days, compared to 37 days through December of 2021.

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