June 2022 real estate market watch bulletin
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 June, there were a total of 924 homes on the market, a 13% increase from the previous month-end inventory of 818. Of the 924 homes on the market at the end of the month, 41 % of them are new constructions. houses. Homes currently on the market represent just over a 2-month inventory, with a current uptake rate of 361 homes sold per month so far in 2022. There have been 464 new single-family home listings placed on the market in June. , 33% of them being under contract at the end of the month.
For the month ending June 2022, year-to-date sales of single-family homes in Sussex County are down 9% from the same period last year, with 2,164 homes sold vs. 2,369 for the month ending June 2021 year to date. The areas with the largest increase were the Milton/Harbeson/Broadkill area, up 2%, and the Angola/Long Neck/Millsboro area, up 1%. The area with the biggest decline was the Georgetown area, down 27%.
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.
The average sale price for single-family homes in Sussex County was up from a year ago through June year-to-date, $582,396 from $503,453, an increase of 16%. The median sale price also increased from YTD 2021, $466,750 from $379,999, an increase of 23%.
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 for the month ending June 2022 year-to-date are down 20% from the same period last year, with 3,105 homes under contract through June 2022 year-to-date of the year, compared to 3,903 until June 2021 since the beginning of the year.
Days on market
The average days on the market for homes under contract is down 30% for homes closed through June of this year compared to last year. In 2022, the current average days on market for these gated homes is 32 days, up from 46 days through June 2021.