The Long & Foster Market Minute

Focus On: Sussex County Housing Market April 2018

Units Sold
430
Active Inventory
2,557
Median Sale Price
$302,450
Days On Market
119
Up 14%
Vs. Year Ago
Down -16%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -8%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 430 sold this month in Sussex County Real Estate versus 394 last month, an increase of 9%. This month's total units sold was higher than at this time last year, an increase of 14% versus April 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 487 units or 16%. The total number of active inventory this April was 2,557 compared to 3,044 in April 2017. This month's total of 2,557 is higher than the previous month's total supply of available inventory of 2,540, an increase of 1%.

Median Sale Price
Last April, the median sale price for Sussex County Homes was $289,000. This April, the median sale price was $302,450, an increase of 5% or $13,450 compared to last year. The current median sold price is 1% lower than in March.

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


New Listings
634
Current Contracts
471
Sold Vs. List Price
98.4%
Months of Supply
5.9
No Change
Vs. Year Ago
Up 12%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Down -26%
Vs. Year Ago

Months of Supply
In April, there was 5.9 months of supply available in Sussex County, compared to 8.1 in April 2017. That is a decrease of 26% 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 634 homes newly listed for sale in Sussex County, which is similar to the amount in April 2017. There were 471 current contracts pending sale this April compared to 422 a year ago. The number of current contracts is 12% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Sussex County was 98.4% of the average list price, which is 0.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 119, lower than the average last year, which was 130, a decrease of 8%.

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.