Market Watch for March 2014
Berkshire Hathaway HomeServices Gallo Realty provides this monthly analysis of the real estate market in Sussex County, Delaware. Whether you are buying, selling or just have an interest in the market, we hope you will find this analysis useful. As a Buyer, this can be a valuable tool for making an offer on a property. Having up-to-date information on 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 to obtain the best possible sale price in the shortest amount of time. Sign-up for one or all of our programs to get started today!
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The statistics referenced here and in the attached newsletter are based on single family homes derived from the Sussex County Association of REALTORS® Multiple Listng Service.
Active Listings/Current Inventory
As of the end of March, there were a total of 2,447 homes on the market, an increase of 5% over the previous month's end. This represents a 16-month's supply of inventory, with a current absorption rate of 153 homes sold per month thus far in 2014. Here is a breakdown of how many homes are for sale in specific price ranges:
$0 - $100,000: 101
$100,000 - $200,000: 475
$200,000 - $300,000: 673
$300,000 - $400,000: 426
$400,000 - $500,000: 231
$500,000 - $600,000: 162
$600,000 - $700,000: 96
$700,000 - $800,000: 44
$800,000 - $900,000: 45
$900,000 - $1,000,000: 42
$1,000,000 and up: 152
For the first quarter of 2014, sales of single-family homes in Sussex County are just about the samer compared to last year, with 458 homes sold compared to 456 for the first quarter of 2013. The areas with the largest increases were the Georgetown Hundred, up 43% and the Dagsboro Hundred, up 23%. The area with the largest decrease is the Indian River Hundred, with a 22% decrease from last year to date.
The average sales price of single-family homes in Sussex County is up by 4% over the first quarter of last year, $327,680 compared to $34,483. The median sales price was the down slightly - $245,000 in 2014 compared to $250,000 in the first quarter of 2013.
Pending sales for the quarter of 2014 were down slightly over last year, with 540 homes going under contract during the first quarter of the year compared to 551 in 2013. In the luxury market for the first quarter, there were 28 homes listed over $1 Million that went pending in 2014, compared to 18 in the same price range in 2013.
Days on Market
There has been a significant decrease in the average days on market from this year compared to last year. For the first quarter of 2013, the average days on market for homes sold was 248 days. For homes sold during the first quarter of 2014, the average days on market has been 219, which is a decrease of 12%.