The Long & Foster Market Minute

Focus On: Sussex County Housing Market September 2017

Units Sold
382
Active Inventory
2,738
Median Sale Price
$281,000
Days On Market
137
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -6%
Vs. Year Ago
Down -18%
Vs. Year Ago
Down -3%
Vs. Year Ago
Up 2%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 382 sold this month in Sussex County Real Estate versus 424 last month, a decrease of 10%. This month's total units sold was lower than at this time last year, a decrease of 6% versus September 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 582 units or 18%. The total number of active inventory this September was 2,738 compared to 3,320 in September 2016. This month's total of 2,738 is lower than the previous month's total supply of available inventory of 2,841, a decrease of 4%.

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Median Sale Price
Last September, the median sale price for Sussex County Homes was $289,500. This September, the median sale price was $281,000, a decrease of 3% or $8,500 compared to last year. The current median sold price is 2% higher than in August.

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

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New Listings
529
Current Contracts
461
Sold Vs. List Price
96.5%
Months of Supply
7.2
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -3%
Vs. Year Ago
Up 21%
Vs. Year Ago
Down -0.8%
Vs. Year Ago
Down -13%
Vs. Year Ago

Months of Supply
In September, there was 7.2 months of supply available in Sussex County, compared to 8.2 in September 2016. That is a decrease of 13% 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.

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New Listings & Current Contracts
This month there were 529 homes newly listed for sale in Sussex County compared to 543 in September 2016, a decrease of 3%. There were 461 current contracts pending sale this September compared to 380 a year ago. The number of current contracts is 21% higher than last September.

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Sale Price to List Price Ratio
In September, the average sale price in Sussex County was 96.5% of the average list price, which is 0.7% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 137, higher than the average last year, which was 134, an increase of 2%.

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The Long & Foster Market Minute *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 SCAOR 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 SCAOR or Long & Foster Real Estate, Inc.