The Long & Foster Market Minute

Focus On: Sussex County Housing Market May 2018

Units Sold
427
Active Inventory
2,621
Median Sale Price
$305,000
Days On Market
103
Down -10%
Vs. Year Ago
Down -13%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -20%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 427 sold this month in Sussex County Real Estate versus 442 last month, a decrease of 3%. This month's total units sold was lower than at this time last year, a decrease of 10% versus May 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 404 units or 13%. The total number of active inventory this May was 2621 compared to 3,025 in May 2017. This month's supply remained stable as compared to last month.

Median Sale Price
Last May, the median sale price for Sussex County Homes was $300,000. This May, the median sale price was approximately the same at $305,000. The current median sold price is 2% higher than in May 2017.

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


New Listings
657
Current Contracts
514
Sold Vs. List Price
99.1%
Months of Supply
6.1
Up 1%
Vs. Year Ago
Up 22%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -4%
Vs. Year Ago

Months of Supply
In May, there was 6.1 months of supply available in Sussex County, compared to 6.4 in May 2017. That is a decrease of 4% 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 657 homes newly listed for sale in Sussex County compared to 651 in May 2017, an increase of 1%. There were 514 current contracts pending sale this May compared to 420 a year ago. The number of current contracts is 22% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Sussex County was 99.1% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 103, lower than the average last year, which was 129, a decrease of 20%.

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.