Sussex County Delaware June 2023 Real Estate Update
Babs Morales and Joan Wallace of the Rehoboth Beach office of 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.
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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 June, there were a total of 1,068 homes on the market, an increase of 2% from the previous month’s end inventory of 1,046. Of the 1,068 homes on the market at month’s end, 50% 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 316 homes sold per month over the last 12 months.
Over the last 12-months, sales of single-family homes in Sussex County are down 22% compared to the previous 12-month period, with 3,790 homes sold compared to 4,874 for the previous year. All areas of the county showed a decrease, with the largest decreases in the Milton/Harbeson/Broadkill Beach Area, down 39% and the Milford/Lincoln/Slaughter Beach Area, down 34%. The area with the lowest decrease was the Lewes/Rehoboth/Dewey Area, down 12%.
For the first 6-months of 2023 compared to the same time frame last year, sales are down 16%, with 1,835 units closed through June of 2023 compared to 2,189 units through June of 2022. Two areas with the lowest decrease in sales for the first 6 months of 2023 compared to 2022: The Lewes/Rehoboth/Dewey Area is at a 2% decrease, with 420 homes sold compared to 427 the previous year. The Angola/Long Neck/Millsboro Area had a 5% decrease 371 homes sold through June of 2023 compared to 390 through June 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, $608,324 compared to $561,714, an 8% increase. The median sales price was also up over the previous 12-month period, $489,845 compared to $440,000, an 11% increase.
For the first 6 months of 2023 compared to the first 6 months of 2022 the average sales price is up 9%, and the median sales price is up 23%.
Pending sales for the last 12-months were down by 19% over the previous 12-month period, with 3,501 homes going under contract, compared to 4,328.
For the first 6 months of 2023 compared to 2022, pending sales were only down 3%, with 1,921 homes going under contract in 2023 compared to 1,990 in 2022.
Days on Market
The average days on market for homes to go under contract has increased by 65% 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 48 days, compared to 29 days during the previous period.
Barbara “Babs” Morales – babs@SellingDelawareHomes.com
Joan Wallace – joan@BeachByBabs.com