Real Estate Market Watch - October 2022

October 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 October, there were a total of 1,091 homes on the market, an increase of 5% from the previous month's end inventory of 1,043.    Of the 1,091 homes on the market at month’s end, 44% of them are new construction homes.  The current homes on the market represents slightly more than a 3-month's supply of inventory, with a current absorption rate of 354 homes sold per month thus far in 2022.  There were 382 new listings of single-family homes put on the market in October, with 24% of them going under contract by the month’s end.

Closed Sales
For the month ending October 2022 YTD, sales of single-family homes in Sussex County are down 15% compared to the same timeframe as last year, with 3,536 homes sold compared to 4,166 for the month ending October 2021 YTD.  All areas experienced a decrease in the number of homes sold.  The area with the smallest decrease was the Milton/Harbeson/Broadkill area, down 6%.  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 October YTD, $581,680 compared to $517,750, a 12% increase.  The median sales price was also up over YTD 2021, $470,000 compared to $392,750, a 20% increase.

Pending Sales
Pending sales for the month ending October 2022 YTD were down by 25% compared to the same timeframe as last year, with 3,181 homes going under contract through October 2022 YTD, compared to 4,228 through October 2021 YTD.

Days on Market
The average days on market for homes to go under contract has decreased by 15% for homes that have closed through October of this year compared to last.  In 2022, the current average days on market for these closed homes is 33 days, compared to 39 days through October of 2021.

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