December 2021 real estate market watch report
Berkshire Hathaway HomeServices Gallo Realty provides this monthly analysis 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 December, there were a total of 585 homes on the market, down 12% from the previous month-end inventory of 661. Of the 585 homes on the market at the end of the month, 49% of them are new constructions. houses. Homes currently on the market represent less than 2 months of inventory, with a current uptake rate of 420 homes sold per month so far in 2021. There have been 266 new single-family home listings put on the market in December, with 53% of them under contract at the end of the month.
For the year ending 2021, single family home sales in Sussex County were up 2% from a year ago, with 5,034 homes sold compared to 4,959 for the year ending 2020. areas with the largest increase were the Angola/Long Neck/Millsboro Zone, up 26% and the Georgetown area, up 19%. The area with the biggest decline was the Milton/Harbeson/Broadkill area, down 8%.
Over the past 5 years, 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.
The average sale price for single family homes in Sussex County is up from last year, $525,687 compared to $468,442, a 12% increase. The median selling price also increased from 2020, $400,000 from $350,000, a 14% increase.
Over the past 5 years, the average selling 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 for the year ending 2021 were down just over 2% from a year ago, with 4,926 homes under contract in 2021, compared to 5,041 in 2020.
Days on market
The average days on the market for homes under contract is down 50% for homes closed through December of this year compared to last year. In 2021, the current average days on market for these gated homes is 39 days, up from 78 days through December 2020.