13 Year Real Estate Market Report


Coastal Delaware Single-Family Property Sales

2005—2017



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   $446,997
2010   1,032   204   $449,417
2011   1,066   197   $456,636
2012   1,457   203   $419,036
2013   1,692   169   $429,401
2014   1,773   150   $460,732
2015   1,927   139   $446,449
2016   1,922   135   $457,548
 2017
   2,242   117    $482,182
             



Active Properties
— as of January 21, 2018 —

NUMBER LISTED

  AVERAGE DAYS
ON MARKET

  AVERAGE
LIST PRICE

876   195   $667,360




2016/2017 KEY OBSERVATIONS—

Units Sold:  Prior to 2015, 2005 was the peak year with 1,821 properties sold.  2008 represented the year in which th market bottomed out at only 912 properties sold.  However, since 2009 (with the exception of 2016) every year has shown an increased number of sales.  Between 2013 and 2016, the number sold was somewhat stable - partially due to limited inventory.  We believe with the increase in number of new developments, this trend of increased number of homes sold will continue.
 
Average Days on Market (DOM):  Single family homes sold 13% faster in 2017 than 2016.  This trend of homes selling more quickly is expected to continue with homes selling (on average) in 4 months or less.
 
Average Sold Price:  The trend of increasing sold prices continued into 2017, more than doubling the 2016 increase, showing a $24.6K or 5.4% increase over 2016.   We believe average sold prices will continue to show moderate increases  - primarily due to low inventory, demand holding strong, and mortgage rates remaining favorable.
 
Inventory:  Statistics indicate that there is one-half year's inventory (or less) of single family properties for sale.  Even though inventories are normally low at this time of year, this still represents a significantly low inventory.  However, with large increases in the number of new developments in Sussex County, inventories are expected to slowly increase.
 

— THIRTEEN YEAR TRENDS —

Since 2009, our market has shown increases, some significant, in the number of Single Family properties sold.  Between 2013-2016 the number sold somewhat stabilized.  The great news is the number of sales in 2015 (1,927), 2016 (1,922) and 2017 (2,242) exceeded the 2005 number (1,821) - the market's peek year, with 2017 23% over 2005!  However, it is important to remember the Average Sold Price in 2005 was $556,294, which is $74,112 or 15.4% above the 2017 average sold price of $482,182!  Therefore, when it comes to price, the 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 single family housing recession economic recovery is not expected for approximately three years (when Average Prices is expected to exceed $556K).
 
 



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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