Real Estate Market Update – December 2019

Real Estate Market Watch  –  December 2019

Active Listings/Current Inventory
As of the end of December, there were a total of 1,639 homes on the market, a decrease of 5% from the previous month’s end inventory of 1,722.  This represents a 5-month’s supply of inventory, with a current absorption rate of 344 homes sold per month in 2019.  Of the total inventory, 37% (614 homes) of the homes available are new construction.

Closed Sales
For the year ending 2019, sales of single-family homes in Sussex County are up 9% from last year, with 4,128 homes sold compared to 3,784 for the year ending 2018.  The areas with the largest increase were the Dagsboro/Millsboro Area, up 26% and the Milton/Harbeson/Broadkill Area, up 22% .  The only area which decreased is the Georgetown Area, down 8% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are up over last year, $414,760 compared to $393,609, a 5% increase.  The median sales price was up by 3% over 2018, $310,000 compared to $299,999.

Pending Sales
Pending sales for the year ending 2019 were up by 9% from last year, with 3,898 homes going under contract through December of 2019, compared to 3,585 in 2018.

Days on Market
The average days on market for homes to go under contract has decreased by 11% for homes sold through December of this year compared to last.  In 2019, the current average days on market is 102 days, compared to 115 days through December of 2018.

** The statistics referenced here are based on single family homes sold in Sussex County, Delaware, and are compiled from the Bright Multiple Listing Service.