Real Estate Market Watch Newsletter June 2021

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Berkshire Hathaway HomeServices Gallo Realty provides monthly analysis of the real estate market in Sussex, Delaware. Whether you are buying, selling, or simply interested in the market, we hope you find this analysis helpful. For the buyer, this can be a valuable tool for proposing a property. Having up-to-date information on selling prices for comparable properties will allow you to make the best deal. As a seller with the knowledge to price your property, you can help you get the best possible selling price in the shortest amount of time. Contact one of our agents for reliable information about the real estate market.

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Statistics shown here and in the accompanying newsletter are based on detached single-family homes obtained through the Bright Multiple Listing Service.

Active listings / current inventory
As of the end of June, there were a total of 665 houses on the market, which is 9% more than at the end of the previous month, which was 612. Of the 665 houses on the market at the end of the month, 38% of them are new construction. at home. This equates to less than two months of inventory, with a current takeover rate of 391 homes sold per month so far in 2021. In June, 605 new advertisements for private houses were placed on the market, of which 52%. the contract will be signed by the end of the month.

Closed sales
In the first six months of 2021, single-family home sales in Sussex are up 19% year-over-year, with 2,348 homes sold compared to 1,965 in the first six months of 2020. The Long Neck / Millsboro area grew 48% and the Georgetown area grew 38%. The only area where the decline has occurred is the Milford / Lincoln / Slaughter Beach area, a 1% decline.

House prices
The median selling price of single-family homes in Sussex increased by $ 502,355 in the first 6 months of last year, up from $ 428,571, up 17%. The average selling price also rose $ 378,875 in the first 6 months of 2020, up from $ 337,500, up 12%.

Pending sales
Incomplete sales in the first six months of 2021 were up 21% year-on-year, with 2,578 homes under contract until June 2021, up from 2,129 in 2020. This large increase can be attributed to the pandemic, where the market was mostly closed from mid-March to April last year.

Days on the market
The average number of days on the market for homes subject to contracts decreased by 41% for homes closed prior to June this year compared to last year. In 2021, the current average number of days on the market for these closed homes is 47 days, up from 79 days prior to June 2020.

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