Sussex County Real Estate Update – November 2018 Stats
Date: December 17, 2018 - Category: Sussex County Market Watch
The statistics referenced here and in the attached newsletter are based on single family homes sold in Sussex County, Delaware, and are compiled from the Bright Multiple Listing Service.
Active Listings/Current Inventory As of the end of November, there were a total of 1,952 homes on the market, a decrease of 3% from the previous month’s end inventory of 2,017. This represents a 6-month’s supply of inventory, with a current absorption rate of 303 homes sold per month thus far in 2018. Of the total inventory, 34% (655 homes) of the homes available are new construction.
Closed Sales For the first eleven months of 2018, sales of single-family homes in Sussex County are up 1% from last year, with 3,337 homes sold compared to 3,301 for the first eleven months of 2017. The areas with the largest increase were the Georgetown Area, up 19% and the Bethany/Ocean View/Fenwick Area, up 18% . The areas with the largest decrease are the Dagsboro/Millsboro Area, down 18% and the Milton Area, down 10% from last year to date.
Home Prices The average sales price of single-family homes in Sussex County are up over the first 11-month period of last year, $404,099 compared to $378,816, a 7% increase. The median sales price was up by 6% over the first 11-months of 2017, $305,000 compared to $286,509.
Pending Sales Pending sales for the first eleven months of 2018 were down by 3% from last year, with 3,545 homes going under contract through November of 2018, compared to 3,651 in 2017.
Days on Market The average days on market for homes to go under contract has decreased by 13% for homes sold through November of this year compared to last. In 2018, the current average days on market is 116 days, compared to 134 days through November of 2017.