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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 October, there were a total of 1,358 homes on the market, an increase of 2% from the previous month’s end inventory of 1,329. Of the 1,358 homes on the market at month’s end, 41% of them are new construction homes. The current homes on the market represent slightly more than a 4-month’s supply of inventory, with a current absorption rate of 332 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 6.5% compared to the previous 12-month period, with 3,982 homes sold compared to 3,736 for the previous year. The Georgetown Area saw a 38% increase and the Dagsboro/Millsboro Area was up 33%. The area of the county with the largest decreases is the Lewes/Rehoboth/Dewey Area, down 7%.
For the first 10-months of 2024 compared to the same time frame last year, sales are up 9.9%, with 3,395 units closed through October of 2024 compared to 3,090 units through October of 2023. The areas with the largest increase in sales for the first 10 months of 2024 compared to 2023 are the Georgetown Area, up 38% and the Dagsboro/Millsboro Area, up 33%. The Lewes/Rehoboth/Dewey Area had the largest decrease of 4% comparing YTD October 2024 to YTD October 2023.
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, $617,000 compared to $630,688, a 2% decrease. The median sales price was also down compared to the previous 12-month period, $489,900 compared to $505,540, a 3% decrease.
For the first 10 months of 2024 compared to the first 10 months of 2023 the average sales price is down 3%, and the median sales price is down almost 5%.
Pending Sales
Pending sales for the last 12-months were up by 13% over the previous 12-month period, with 4,043 homes going under contract, compared to 3,566.
For the first 10 months of 2024 compared to 2023, pending sales were up by almost 12%, with 3,522 homes going under contract in 2024 compared to 3,154 in 2023.
Days on Market
The median days on market for homes to go under contract has increased by 3% 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 33 days, compared to 32 days during the previous period.
