Sussex County Delaware August 2023 Real Estate Update
Babs Morales and Joan Wallace of the Rehoboth Beach office of Berkshire Hathaway HomeServices PenFed Realty provide 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.
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. They are derived from the Bright Multiple Listing Service.
|Active Listings/Current Inventory|
As of the end of July, there were a total of 1,021 homes on the market, a decrease of 4% from the previous month’s end inventory of 1,068. Of the 1,021 homes on the market at month’s end, 50% of them are new construction homes. The current homes on the market represent slightly more than a 3-month’s supply of inventory, with a current absorption rate of 313 homes sold per month over the last 12 months.
Over the last 12-months, sales of single-family homes in Sussex County are down 21% compared to the previous 12-month period, with 3,752 homes sold compared to 4,760 for the previous year. All areas of the county showed a decrease, with the largest decreases in the Milton/Harbeson/Broadkill Beach Area, down 41% and the Milford/Lincoln/Slaughter Beach Area, down 32%. The area with the lowest decrease was the Lewes/Rehoboth/Dewey Area, down 8%.
For the first 7-months of 2023 compared to the same time frame last year, sales are down 16%, with 2,121 units closed through July of 2023 compared to 2,513 units through July of 2022. The Lewes/Rehoboth/Dewey Area was the only area that showed an increase in units sold, with 497 homes sold compared to 487 the previous year – a 2% increase. The Angola/Long Neck/Millsboro Area had an 8% decrease with 421 homes sold through July of 2023 compared to 456 through July of 2022.
Over the last 12-months, the average sales price of single-family homes in Sussex County are up over the previous 12-month period, $614,166 compared to $563,378, a 9% increase. The median sales price was also up over the previous 12-month period, $495,000 compared to $446,406, an 11% increase.
For the first 7 months of 2023 compared to the first 7 months of 2022 the average sales price is up 9%, and the median sales price is up 11%.
Pending sales for the last 12-months were down by 17% over the previous 12-month period, with 3,498 homes going under contract, compared to 4,207.
For the first 7 months of 2023 compared to 2022, pending sales were only down 3%, with 2,218 homes going under contract in 2023 compared to 2,293 through July of 2022.
Days on Market
The average days on market for homes to go under contract has increased by 63% 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 49 days, compared to 30 days during the previous period.
Barbara “Babs” Morales – babs@SellingDelawareHomes.com
Joan Wallace – joan@BeachByBabs.com