Real estate market watch bulletin for November 2021
Berkshire Hathaway HomeServices Gallo Realty provides this monthly analysis of the real estate market in Sussex County, Delaware. Whether you are a buyer, seller, or just interested in the market, we hope you find this analysis useful. As a buyer, this can be a valuable tool in 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 the listing price for your property can help you get the best possible sale price in the shortest time possible. 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 bulletin are based on single family detached homes, derived from the Bright Multiple Listing Service.
Active ads / Current inventory
At the end of November, there were a total of 661 units on the market, down 6% from the stock of 701 units the month before. Of the 661 homes on the market at the end of the month, 42% are new constructions. houses. Current homes on the market represent less than 2 months of inventory, with a current absorption rate of 417 homes sold per month so far in 2021. There have been 392 new single-family home listings put on the market in November, with 54% of them under contract at the end of the month.
For the first eleven months of 2021, single-family home sales in Sussex County were up 1% from a year ago, with 4,582 homes sold compared to 4,543 for the first eleven months of 2020. Areas with the largest increases were Angola / Long Neck / Millsboro, up 20% and the Georgetown area, up 19%. The area with the largest decline was the Bethany / Oceanview / Fenwick region, down 8%.
The average selling price of single-family homes in Sussex County increased in the first 11 months of last year, to $ 524,055, from $ 470,379, an increase of 11%. The median selling price also increased in the first 11 months of 2020, to $ 399,000 from $ 352,000, an increase of 13%.
Pending sales for the first eleven months of 2021 are down just over 2% from last year, with 4,623 homes under contract through November 2021, down from 4,737 in 2020.
Days on the market
The average number of days on the market for homes under contract is down 49% for homes that closed through November of this year compared to last year. In 2021, the current average number of days on the market for these closed homes is 39 days, compared to 76 days until November 2020.