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The statistics referenced below and in the attached newsletter are based on detached single-family home sales over the last 12 months compared to the previous 12-month period, and the current YTD compared to the previous year YTD. They are derived from the Bright Multiple Listing Service.
Active Listings/Current Inventory
As of the end of December, there were a total of 1,194 homes on the market, a decrease of over 5% from the previous month’s end inventory of 1,257. Of the 1,194 homes on the market at month’s end, 45% of them are new construction homes. The current homes on the market represent less than a 4-month’s supply of inventory, with a current absorption rate of 343 homes sold per month over the last 12 months.
Closed Sales
Over the last 12-months, sales of single-family homes in Sussex County are up almost 12% compared to the previous 12-month period, with 4,121 homes sold compared to 3,685 for the previous year. The Georgetown Area saw a 53% increase and the Milton/Harbeson/Broadkill Area was up 27%. The area of the county with the largest decreases is the Lewes/Rehoboth/Dewey Area, down 2%.
Home Prices
Over the last 12-months, the average sales price of single-family homes in Sussex County are slightly down compared to the previous 12-month period, $621,503 compared to $634,114, a less than 2% decrease. The median sales price was also down compared to the previous 12-month period, $490,000 compared to $505,000, a 3% decrease.
Pending Sales
Pending sales for the last 12-months were up by 11% over the previous 12-month period, with 4,082 homes going under contract, compared to 3,670.
Days on Market
The median days on market for homes to go under contract has increased by 10% for homes that have closed over the last 12-months compared to the previous 12-month period. The current median days on market for these closed homes is 34 days, compared to 31 days during the previous period.
