August 2022 real estate market watch bulletin

August 2022 market statistics

Berkshire Hathaway HomeServices PenFed Realty provides this monthly review of the real estate market in Sussex County, Delaware. Whether you are buying, selling, or simply interested in the market, we hope you find this analysis useful. As a buyer, this can be a valuable tool when making an offer on a property. Having up-to-date information on the sale prices of comparable properties will allow you to make the smartest offer. As a seller, having the knowledge to determine your property’s listing price can help you get the best selling price possible in the shortest possible time. Contact one of our agents for reliable information on the real estate market.

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The statistics referenced here and in the attached newsletter are based on individual single-family homes, derived from the Bright Multiple Listing Service.

Active Lists/Current Inventory
At the end of August, there were a total of 1,000 homes on the market, down 0.1% from the previous month’s end inventory of 1,001. Of the 1,000 homes on the market at the end of the month, 44% of them are new homes. Homes currently on the market represent just under 3-month inventory, with a current uptake rate of 355 homes sold per month so far in 2022. There have been 434 new single-family home listings placed on the market in August. , with 32% of them under contract at the end of the month.

Closed sales
For the month ending August 2022, year-to-date sales of single-family homes in Sussex County are down 13% from the same period last year, with 2,843 homes sold vs. 3,275 for the month ending August 2021 year to date. All regions saw a decline in the number of homes sold. The area with the biggest decline was the Georgetown area, down 33%.

Over the past 5 years (2017-2021), annual sales have increased from 3,495 in 2017 to 5,034 in 2021, an increase of 44% over 5 years, or almost 9% per year.

house price
The average sale price for single-family homes in Sussex County rose from a year ago through August to $582,345 from $514,420, an increase of 13%. The median sale price also increased from YTD 2021, $469,904 from $390,000, an increase of 20%.

Over the last 5 years (2017-2021), the average sale price has increased from $380,213 in 2017 to $525,687 in 2021, an increase of 38%, or just over 7% per year. The median sale price has increased over the past 5 years from $285,900 in 2017 to $400,000 in 2021, an increase of 40% or 8% per year.

Pending sales
Pending sales for the month ending August 2022 year-to-date are down 23% from the same period last year, with 2,622 homes under contract through August 2022 year-to-date of the year, compared to 3,415 until August 2021 since the beginning of the year.

Days on market
The average days on the market for homes under contract is down 24% for homes closed through August of this year compared to last year. In 2022, the current average days on market for these gated homes is 31 days, up from 41 days through August 2021.

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