October 2022 real estate market watch bulletin

October 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 October, there were a total of 1,091 homes on the market, a 5% increase from the previous month’s end inventory of 1,043. Of the 1,091 homes on the market at the end of the month, 44% of them are new construction homes. Homes currently on the market represent just over 3-month inventory, with a current uptake rate of 354 homes sold per month so far in 2022. There have been 382 new single-family home listings placed on the market in October. , 24% of them being under contract at the end of the month.

Closed sales
For the month ending October 2022 YTD single family home sales in Sussex County are down 15% from the same period last year, with 3,536 homes sold compared to 4,166 for the month se ending October 2021 YTD. All regions saw a decline in the number of homes sold. The area with the smallest decrease was the Milton/Harbeson/Broadkill area, down 6%. The area with the biggest decline was the Georgetown area, down 33%.

house price
The average sale price for single-family homes in Sussex County has increased from a year ago through October year-to-date, $581,680 from $517,750, an increase of 12%. The median sale price also increased from YTD 2021, $470,000 from $392,750, an increase of 20%.

Pending sales
Pending sales for the month ending October 2022 year-to-date are down 25% from the same period last year, with 3,181 homes under contract through October 2022 year-to-date of the year, compared to 4,228 until October 2021 since the beginning of the year.

Days on market
The average days on the market for homes under contract is down 15% for homes closed through October of this year compared to last year. In 2022, the current average days on market for these gated homes is 33 days, up from 39 days through October 2021.

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