Real Estate Market Watch - November 2022

November 2022 Market Statistics

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 November, there were a total of 1,034 homes on the market, a decrease of 5% from the previous month's end inventory of 1,091.    Of the 1,034 homes on the market at month’s end, 47% of them are new construction homes.  The current homes on the market represent slightly less than a 3-month's supply of inventory, with a current absorption rate of 351 homes sold per month thus far in 2022.

Closed Sales
For the month ending November 2022 YTD, sales of single-family homes in Sussex County are down 16% compared to the same timeframe as last year, with 3,856 homes sold compared to 4,615 for the month ending November 2021 YTD.  All areas experienced a decrease in the number of homes sold.  The area with the smallest decrease was the Angola/Long Neck/Millsboro area, down 8%.  The area with the largest decrease was the Georgetown Area, down 33%.

Home Prices
The average sales price of single-family homes in Sussex County are up over last year through November YTD, $583,990 compared to $523,877, an 11% increase.  The median sales price was also up over YTD 2021, $471,245 compared to $399,990, an 18% increase.

Pending Sales
Pending sales for the month ending November 2022 YTD were down by 26% compared to the same timeframe as last year, with 3,422 homes going under contract through November 2022 YTD, compared to 4,607 through November 2021 YTD.

Days on Market
The average days on market for homes to go under contract has decreased by 11% for homes that have closed through November of this year compared to last.  In 2022, the current average days on market for these closed homes is 34 days, compared to 38 days through November of 2021.

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