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.
For the first 4-months of 2023 compared to the same time frame last year, sales are down 21%, with 1,124 units closed through April of 2023 compared to 1,422 units through April of 2022. Two areas show little or no decrease in sales for the first 4 months of 2023 compared to 2022. The Lewes/Rehoboth/Dewey Area is less than a 1% decrease, with 268 homes sold compared to 269 the previous year. The Georgetown Area had 35 homes sold through April of 2023 compared to 35 through April of 2022.
Active Listings/Current Inventory
As of the end of April, there were a total of 1,001 homes on the market, an increase of 3% from the previous month’s end inventory of 973. Of the 1,001 homes on the market at month’s end, 53% 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 321 homes sold per month over the last 12 months.
Over the last 12-months, sales of single-family homes in Sussex County are down 23% compared to the previous 12-month period, with 3,849 homes sold compared to 5,027 for the previous year. All areas of the county showed a decrease, with the largest decreases in the Milton/Harbeson/Broadkill Beach Area, down 35% and the Milford/Lincoln/Slaughter Beach Area, down 34%. The area with the lowest decrease was the Lewes/Rehoboth/Dewey Area, down 13%.
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