13 Year Real Estate Market Report


Coastal Delaware Single-Family Property Sales

2005—2017 (through June 30)



YEAR
SOLD
  NUMBER SOLD

  AVERAGE DAYS ON MARKET

  AVERAGE
SOLD PRICE
 
2005   1,821   115   $556,294
2006   1,317   124   $570,777
2007   1,214   167   $540,529
2008   912   192   $506,119
2009   929   203   $446,496
2010   1,032   204   $446,997
2011   1,066   197   $449,417
2012   1,457   203   $419,036
2013   1,692   169   $429,401
2014   1,773   150   $460,732
2015   1,917   139   $446,134
2016   1,908   135   $457,451
 2017
(thru June 30, 2017)
   1,041   123    $489,468
             



Active Properties
— as of July 10, 2017 —

NUMBER LISTED

  AVERAGE DAYS
ON MARKET

  AVERAGE
LIST PRICE

1,138   182   $639,726




2016/2017 KEY OBSERVATIONS—

Units Sold:  The number of Single Family Homes sold decreased by only nine units from 2015 to 2016.  However, number of homes sold in both years surpassed peak year of 2005, with 2017 projected to exceed all these record years!
 
Average Days on Market (DOM):  Single family homes sold 3% faster in 2016 than 2015.  Currently 2017 average DOM is 8% faster than 2016.  Faster turnover trend expected to continue selling in less than 5 months.
 
Average Sold Price:  2016 average sold price increased by $11,000 2.5% over the 2015 average and currently 2017 average price is 7% higher than 2016.  Prices will continue to show increases due to high demand and low inventories.
 
Inventory:  The current inventory of homes for sale in coastal Delaware is at significantly less than a one year supply. However, with large increases in number of new developments inventories are expected to slowly increase.
 

— TWELVE YEAR TRENDS —

Since 2009, our market has shown increases, some significant, in the number of Single Family properties sold.  Since 2013 the number sold has stabilized.  The great news is the number of sales in 2015 (1,917) and 2016 (1,908) have exceeded the 2005 number (1,821) - the market's peek year, by around 5%!  2017 is projected to exceed all these record years! However, it is important to remember the Average Sold Price in 2005 was $556,294, which is $98,843 or 17.8% above the 2016 average sold price of $457,451!  Therefore, when it comes to price, the housing recession’s economic recovery is not complete – yet!  We believe, in the foreseeable future, Single Family properties will continue to show growth - slow and steady - sustaining a very healthy coastal Delaware real estate market.  Full housing recession economic recovery {average sold prices} expected in +2 years.
 
 



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Zip Codes Included
:
19930 Bethany Beach, 19944 Fenwick Island, 19945 Frankford, 19958 Lewes, 19966 Millsboro (includes Long Neck),
19967 Millville, 19968 Milton, 19970 Ocean View, 19971 Rehoboth Beach (includes Dewey Beach), 19975 Selbyville