Active Listings/Current Inventory
As of the end of April, there were a total of 579 homes on the market, a decrease of 10% from the previous month s end inventory of 646. This represents less than a 2-month s supply of inventory, with a current absorption rate of 357 homes sold per month thus far in 2021. There were 527 new listings of single-family homes put on the market in April, with 72% of them going under contract by the month’s end. Of the 579 homes on the market at month’s end, 46% of them are new construction homes.
Closed Sales
For the first four months of 2021, sales of single-family homes in Sussex County are up 22% from last year, with 1,428 homes sold compared to 1,173 for the first four months of 2020. The areas with the largest increase were the Georgetown Area, up 67% and the Angola/Long Neck/Millsboro Area, up 47%. The only area with a decrease is the Milford/Lincoln/Slaughter Beach Area, down 12%.
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. Contact one of our agents for reliable information on the real estate market.