The Long & Foster Market Minute
Focus On: Sussex County Housing Market August 2016
Units Sold
346
Active Inventory
3,259
Median Sale Price
$250,000
Days On Market
124
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -1%
Vs. Year Ago
Down -7%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 1%
Vs. Year Ago
Units Sold
There was an increase in total units sold in August, with 346 sold this month in Sussex County Real Estate versus 307 last month, an increase of 13%. This month's total units sold was lower than at this time last year, a decrease of 1% versus August 2015.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 251 units or 7%. The total number of active inventory this August was 3,259 compared to 3,510 in August 2015. This month's total of 3,259 is lower than the previous month's total supply of available inventory of 3,365, a decrease of 3%.

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Median Sale Price
Last August, the median sale price for Sussex County Homes was $267,500. This August, the median sale price was $250,000, a decrease of 7% or $17,500 compared to last year. The current median sold price is 9% lower than in July.

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
616
Current Contracts
479
Sold Vs. List Price
96.7%
Months of Supply
9.4
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 15%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -1.1%
Vs. Year Ago
Down -6%
Vs. Year Ago
Months of Supply
In August, there was 9.4 months of supply available in Sussex County, compared to 10.1 in August 2015. That is a decrease 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.

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New Listings & Current Contracts
This month there were 616 homes newly listed for sale in Sussex County compared to 537 in August 2015, an increase of 15%. There were 479 current contracts pending sale this August compared to 411 a year ago. The number of current contracts is 17% higher than last August.

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Sale Price to List Price Ratio
In August, the average sale price in Sussex County was 96.7% of the average list price, which is 1.1% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 124, higher than the average last year, which was 123, an increase of 1%.

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*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.