Multi-Year Real Estate Market Report


Coastal Delaware Single-Family Property Sales

2005 – 2018
 (January 1 thru June 30 of each year)


YEAR
SOLD
  NUMBER SOLD

  AVERAGE DAYS ON MARKET

  AVERAGE
SOLD PRICE
 
2005 920 113 $543,420
2006 750 105 $522,196
2007 603 166 $556,605
2008 471 195 $517,148
2009 381 199 $420,125
2010 534 193 $435,376
2011 517 198 $458,546
2012 653 181 $386,855
2013 772 157 $379,510
2014 762 146 $460,036
2015 910 165 $455,030
2016 884 148 $439,223
 2017
 1,133 129  $471,253
2018
  1,144   103   $503,904
 
             



Active Properties
— as of July 11, 2018 —

NUMBER LISTED

  AVERAGE DAYS
ON MARKET

  AVERAGE
LIST PRICE

1,449 205 $612,547




Mid-Year Key Observations —

Units Sold:  In 2018 a total of 1,144 were sold, only 11 more or 1% increase when compared to 2017 with 1,133 sold. Since 2013, number properties sold have fluctuated, with a large 28% increase in 2017. Future # sales are expected to increase due to new home developments being added to inventories.

NOTE: Number sold in 2017 and 2018 exceeded previous peak year 2005 with 920 sold. Recovery from housing recession began showing progressive increases in 2012.

Average Days on Market (DOM):  Mid-2018 analyses show single family homes selling 16.3% (20 days) faster than the 2017 benchmark.  This trend of homes selling more quickly is expected to continue with homes selling (on average) in four months or less.
Average Sold Price:   In 2018 average sold price was $503,904, just over $32K more or 7% increase when compared to 2017. Due to strong demand, believe future prices will show stable increases primarily due to low inventory, strong demand, and comfortable mortgage rates.

NOTE: With stable price increases continuing, average prices are expected to exceed the peak year 2007 at $556,605 {2018 average $503,904, $52,701 or 9% below 2007} in 2 years at the earliest, but certainly within next 3 years – at which time hopefully Coastal DE SF homes sales can be declared completely recovered from the 2006 thru 2012 housing recession!

Inventory:   There is a scant supply of homes for sale. Inventories overall are very low – just over half year’s inventory in nearly all price ranges.

— Multi-Year Trends —

Since 2010, our market has shown increases, some significant, in the number of Single Family properties sold. The great news is the number of sales in 2015 (1,943), 2016 (1,995) and 2017 (2,371) exceeded the 2005 number (1,897) - the market's previous peek year. We believe, in the foreseeable future, Single Family properties will continue to show growth sustaining a very healthy coastal Delaware real estate market.



*
Zip Codes Included
:
19930 Bethany Beach, 19939 Dagsboro, 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

SOURCE: Data compiled from Bright™ MLS System, as of July 17, 2018, and is: subject to without notice,
may not reflect all real estate transactions; and is considered accurate but not guaranteed.