The Long & Foster Market Minute
Focus On: Sussex County Housing Market July 2016
Units Sold
304
Active Inventory
3,315
Median Sale Price
$274,450
Days On Market
135
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -17%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -3%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in July, with 304 sold this month in Sussex County Real Estate versus 413 last month, a decrease of 26%. This month's total units sold was lower than at this time last year, a decrease of 17% versus July 2015.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 259 units or 7%. The total number of active inventory this July was 3,315 compared to 3,574 in July 2015. This month's total of 3,315 is lower than the previous month's total supply of available inventory of 3,391, a decrease of 2%.

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Median Sale Price
Last July, the median sale price for Sussex County Homes was $262,500. This July, the median sale price was $274,450, an increase of 5% or $11,950 compared to last year. The current median sold price is 2% higher than in June.

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
600
Current Contracts
442
Sold Vs. List Price
97.2%
Months of Supply
10.9
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 7%
Vs. Year Ago
Up 17%
Vs. Year Ago
No Change
Vs. Year Ago
Up 11%
Vs. Year Ago
Months of Supply
In July, there was 10.9 months of supply available in Sussex County, compared to 9.8 in July 2015. That is an increase of 11% 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 600 homes newly listed for sale in Sussex County compared to 561 in July 2015, an increase of 7%. There were 442 current contracts pending sale this July compared to 377 a year ago. The number of current contracts is 17% higher than last July.

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Sale Price to List Price Ratio
In July, the average sale price in Sussex County was 97.2% of the average list price, which is similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 135, lower than the average last year, which was 139, a decrease of 3%.

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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.