Real Estate Market Watch - September 2023

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.  To download the full Market Watch newsletter, click here.

The statistics referenced here and in the attached newsletter are based on detached single-family home sales over the last 12 months compared to the previous 12-month period, as well as YTD statistics.  They are derived from the Bright Multiple Listing Service.

Active Listings/Current Inventory
As of the end of September, there were a total of 1,088 homes on the market, an increase of 6% from the previous month's end inventory of 1,029.    Of the 1,088 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 4-month's supply of inventory, with a current absorption rate of 305 homes sold per month over the last 12 months.

Closed Sales
Over the last 12-months, sales of single-family homes in Sussex County are down 20% compared to the previous 12-month period, with 3,664 homes sold compared to 4,609 for the previous year.  All areas of the county showed a decrease, with the largest decreases in the Milton/Harbeson/Broadkill Beach Area, down 38% and the Milford/Lincoln/Slaughter Beach Area, down 29%.  The area with the lowest decrease was the Lewes/Rehoboth/Dewey Area, down 9%.

For the first 9-months of 2023 compared to the same time frame last year, sales are down 15%, with 2,768 units closed through September of 2023 compared to 3,248 units through September of 2022.  The Lewes/Rehoboth/Dewey Area was exactly even in units sold, with 663 homes sold compared to 663 the previous year.  The Angola/Long Neck/Millsboro Area had a 2% decrease with 567 homes sold through September of 2023 compared to 581 through September of 2022.

Home Prices
Over the last 12-months, the average sales price of single-family homes in Sussex County are up over the previous 12-month period, $625,447 compared to $573,101 a 9% increase.  The median sales price was also up over the previous 12-month period, $500,000 compared to $455,000, a 10% increase.

For the first 9 months of 2023 compared to the first 9 months of 2022 the average sales price is up 9%, and the median sales price is up 10%.

Pending Sales
Pending sales for the last 12-months were down by 12% over the previous 12-month period, with 3,514 homes going under contract, compared to 3,998.

For the first 9 months of 2023 compared to 2022, pending sales were only down 2%, with 2,861 homes going under contract in 2023 compared to 2,920 through September of 2022.

Days on Market
The average days on market for homes to go under contract has increased by 66% for homes that have closed over the last 12-months compared to the previous 12-month period.  The current average days on market for these closed homes is 53 days, compared to 32 days during the previous period.

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