Real estate market watch bulletin for September 2021

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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 selling 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 September, there were a total of 734 units on the market, a 3% increase from the previous month’s stock of 715 units. Of the 734 homes on the market at the end of the month, 40% are new constructions. houses. Current homes on the market represent less than 2 months of inventory, with a current absorption rate of 406 homes sold per month so far in 2021. There have been 500 new single-family home listings put on the market in September, with 48% of them under contract at the end of the month.

Closed sales
For the first nine months of 2021, single-family home sales in Sussex County are up 3% from a year ago, with 3,654 homes sold compared to 3,533 for the first nine months of 2020. The areas with the largest increase were the Georgetown area. , up 45% and the Angola / Long Neck / Millsboro zone, up 26%. The area with the largest decline is the Milton / Harbeson / Broadkill Beach area, down 12%.

Home Prices
The average selling price of single-family homes in Sussex County increased in the first 9 months of last year to $ 516,334 from $ 461,651, a 12% increase. The median selling price also increased in the first 9 months of 2020, $ 390,000 from $ 349,900, an increase of 11%.

Pending sales
Pending sales for the first nine months of 2021 are up just under 1% from a year ago, with 3,843 homes under contract through September 2021, up from 3,826 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 September of this year compared to last year. In 2021, the current average number of days on the market for these closed houses is 41 days, compared to 80 days until September 2020.


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