JANUARY 2021 REAL ESTATE MARKET WATCH

The statistics referenced here are based on 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 743 homes on the market, a decrease of 10% from the previous month’s end inventory of 823.  This represents a 2-month’s supply of inventory, with a current absorption rate of 328 homes sold per month thus far in 2021.  Of the total inventory, 51% (379 homes) of the homes available are new construction.

Closed Sales

For the first month of 2021, sales of single-family homes in Sussex County are up 25% compared to January of last year, with 328 homes sold compared to 262 for January 2020.  The areas with the largest increase are the Milton/Harbeson/Broadkill Area, up 60% and the Angola/Long Neck/Millsboro Area up 54%.  The areas with the largest decrease are the Dagsboro/Millsboro Area, down 32% and the Milford/Lincoln/Slaughter Beach Area, down 14% from last year to date.

Home Prices

The average sales price of single-family homes in Sussex County are up over the first month of last year, $484,345 compared to $394,390, a 23% increase.  The median sales price was up by 12% over January of 2020, $345,000 compared to $307,445.

Pending Sales

Pending sales for the first month of 2021 were up by 11% from last year, with 346 homes going under contract through January of 2021, compared to 311 in 2020.

Days on Market

The average days on market for homes to go under contract has decreased by 40% for homes sold through January of this year compared to last.  In 2021, the current average days on market is 55 days, compared to 91 days through January of 2020.