Real Estate Market Watch - January 2022

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 January, there were a total of 546 homes on the market, a decrease of 7% from the previous month's end inventory of 585.    Of the 546 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 2-month's supply of inventory, with a current absorption rate of 337 homes sold per month thus far in 2022.  There were 347 new listings of single-family homes put on the market in January, with 53% of them going under contract by the month’s end.

Closed Sales
For the month ending January 2022, sales of single-family homes in Sussex County are up 3% compared to the same timeframe as last year, with 337 homes sold compared to 326 for the month ending January 2021.  The areas with the largest increase were the Georgetown Area, up 38% and the Angola/Long Neck/Millsboro Area, up 36%.  The area with the largest decrease was the Western Sussex County Area, down 22%.

Over the last 5-years (2017-2021), 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, $545,293 compared to $483,221, a 13% increase.  The median sales price was also up over YTD 2021, $435,000 compared to $338,700, a 28% increase.

Over the last 5-years (2017-2021), 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 month ending January 2022 were down by 10% compared to the same timeframe as last year, with 309 homes going under contract in January 2022, compared to 343 in January 2021.

Days on Market
The average days on market for homes to go under contract has decreased by 40% for homes that have closed through January of this year compared to last.  In 2022, the current average days on market for these closed homes is 33 days, compared to 55 days through January of 2021.

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