{"id":7499,"date":"2024-05-16T15:55:44","date_gmt":"2024-05-16T19:55:44","guid":{"rendered":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/march-2024-real-estate-market-watch-copy\/"},"modified":"2024-05-16T16:26:24","modified_gmt":"2024-05-16T20:26:24","slug":"march-2024-real-estate-market-watch-copy","status":"publish","type":"post","link":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/march-2024-real-estate-market-watch-copy\/","title":{"rendered":"WHAT SOLD AT THE DELAWARE BEACHES"},"content":{"rendered":"\n
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MAY 2024 MARKET WATCH – SUSSEX COUNTY, DE<\/p>\n\n\n\n

Based on Sales of Single Family Detached Homes
(excluding mobile homes on leased land)<\/strong><\/p>\n\n\n\n

Barbara Morales Associates in the Rehoboth Beach office of Berkshire Hathaway HomeServices PenFed Realty provides this \u00a0monthly analysis of the real estate market in Sussex County, Delaware.\u00a0 Whether you are buying, selling or just have an interest in the market, we hope you will find this analysis useful.<\/strong><\/p>\n\n\n\n

Click Here for the Full sussex County Delaware Market Watch\u00a0 \u2013 MAY 2024<\/a><\/h1>\n\n\n

Click Here for What Sold at the DELAWARE BEACHES APRIL 2024<\/span><\/a><\/h3>\n

\u00a0<\/p>\n

The statistics referenced here are based on detached single-family home sales over the last 12 months compared to the previous 12-month period, as well as YTD statistics.\u00a0 They are derived from the Bright Multiple Listing Service.<\/strong><\/p>\n

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Active Listings\/Current Inventory<\/strong><\/h3>\n

As of the end of April, there were a total of 1,267 homes on the market, an increase of nearly 7% from the previous month’s end inventory of 1,186.\u00a0\u00a0\u00a0 Of the 1,267 homes on the market at month\u2019s end, 46% of them are new construction homes.\u00a0 The current homes on the market represent slightly more than a 4-month’s supply of inventory, with a current absorption rate of 307 homes sold per month over the last 12 months.<\/strong><\/p>\n

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Closed Sales<\/strong><\/h3>\n

Over the last 12-months, sales of single-family homes in Sussex County are down slightly less than 6% compared to the previous 12-month period, with 3,678 homes sold compared to 3,911 for the previous year.\u00a0 The Angola\/Long Neck\/Millsboro Area saw an 8% increase and the Dagsboro\/Millsboro Area was up 6%.\u00a0 The areas of the county with the largest decreases are Western Sussex County, down 22% and the Georgetown Area, down 19%.<\/strong><\/p>\n

For the first 4-months of 2024 compared to the same time frame last year, sales are down by just under 1%, with 1,134 units closed through April of 2024 compared to 1,141 units through April of 2023.\u00a0 The areas with the largest increase in sales for the first 4 months of 2024 compared to 2023 are the Milton\/Harbeson\/Broadkill Area, up 25% and the Dagsboro\/Millsboro Area, up 24%.\u00a0 The Georgetown Area had the largest decrease of 26% comparing YTD April 2024 to YTD April 2023.<\/strong><\/p>\n

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Home Prices<\/strong><\/h3>\n

Over the last 12-months, the average sales price of single-family homes in Sussex County are up over the previous 12-month period, $623,223 compared to $602,293, a 3% increase.\u00a0 The median sales price was also up over the previous 12-month period, $499,990 compared to $484,900, also a 3% increase.<\/strong><\/p>\n

For the first 4 months of 2024 compared to the first 4 months of 2023 the average sales price is down a bit under 6%, and the median sales price is down 6%.<\/strong><\/p>\n

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Pending Sales<\/strong><\/h3>\n

Pending sales for the last 12-months were up by over 7% over the previous 12-month period, with 3,723 homes going under contract, compared to 3,470.<\/strong><\/p>\n

For the first 4 months of 2024 compared to 2023, pending sales were up by 3%, with 1,329 homes going under contract in 2024 compared to 1,289 in 2023.<\/strong><\/p>\n

\u00a0<\/p>\n

Days on Market<\/strong><\/h3>\n

The average days on market for homes to go under contract has increased by 25% for homes that have closed over the last 12-months compared to the previous 12-month period.\u00a0 The current average days on market for these closed homes is 55 days, compared to 44 days during the previous period.<\/strong><\/p>\n\n

Contact Us!<\/strong><\/h2>\n

Barbara Morales Associates<\/h2>\n\n

Barbara \u201cBabs\u201d Morales \u2013 babs@SellingDelawareHomes.com<\/a><\/strong><\/h3>\n\n

Joan Wallace \u2013 joan@BeachByBabs.com<\/a><\/strong><\/h3>\n

\u00a0<\/p>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

  MAY 2024 MARKET WATCH – SUSSEX COUNTY, DE Based on Sales of Single Family Detached Homes(excluding mobile homes on leased land) Barbara Morales Associates in the Rehoboth Beach office of Berkshire Hathaway HomeServices PenFed Realty provides this \u00a0monthly analysis of the real estate market in Sussex County, Delaware.\u00a0 Whether you are buying, selling or … Continue reading WHAT SOLD AT THE DELAWARE BEACHES<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":7257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,37,51,33],"tags":[],"class_list":["post-7499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miscellaneous","category-news","category-sussex-county-market-watch","category-what-sold"],"_links":{"self":[{"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/posts\/7499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/comments?post=7499"}],"version-history":[{"count":0,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/posts\/7499\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/media\/7257"}],"wp:attachment":[{"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/media?parent=7499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/categories?post=7499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/tags?post=7499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}