The Long & Foster Market Minute

Focus On: Rehoboth Beach Housing Market May 2020

Zip Code(s): 19971
Units Sold
37
Active Inventory
270
Median Sale Price
$555,000
Days On Market
94
Down -30%
Vs. Year Ago
Down -26%
Vs. Year Ago
Up
Vs. Year Ago
Down -45%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 37 sold this month in Rehoboth Beach Real Estate versus 45 last month, a decrease of 18%. This month's total units sold was lower than at this time last year, a decrease of 30% versus May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 94 units or 26%. The total number of active inventory this May was 270 compared to 364 in May 2019. This month's total of 270 is lower than the previous month's total supply of available inventory of 295, a decrease of 8%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last May, the median sale price for Rehoboth Beach Homes was $467,000. This May, the median sale price was $555,000, an increase of $88,000 compared to last year. The current median sold price is higher than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
55
Current Contracts
65
Sold Vs. List Price
95.4%
Months of Supply
7.3
Down -30%
Vs. Year Ago
Up 35%
Vs. Year Ago
Down -4.1%
Vs. Year Ago
Up 6%
Vs. Year Ago

Months of Supply
In May, there was 7.3 months of supply available in Rehoboth Beach, compared to 6.9 in May 2019. That is an increase of 6% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 55 homes newly listed for sale in Rehoboth Beach compared to 79 in May 2019, a decrease of 30%. There were 65 current contracts pending sale this May compared to 48 a year ago. The number of current contracts is 35% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Rehoboth Beach was 95.4% of the average list price, which is 4.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 94, lower than the average last year, which was 170, a decrease of 45%.

The Long & Foster Market Minute Rehoboth Beach are defined as properties listed in zip code/s 19971.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.