The Long & Foster Market Minute
Focus On: Sussex County Housing Market March 2015
Units Sold
268
Active Inventory
3,393
Median Sale Price
$270,805
Days On Market
162
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 12%
Vs. Year Ago
Down -17%
Vs. Year Ago
Down -5%
Vs. Year Ago
Up 7%
Vs. Year Ago
Units Sold
There was an increase in total units sold in March, with 268 sold this month in Sussex County Real Estate versus 223 last month, an increase of 20%. This month's total units sold was higher than at this time last year, an increase of 12% versus March 2014.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 689 units or 17%. The total number of active inventory this March was 3,393 compared to 4,082 in March 2014. This month's total of 3,393 is higher than the previous month's total supply of available inventory of 3,343, an increase of 1%.

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Median Sale Price
Last March, the median sale price for Sussex County Homes was $285,000. This March, the median sale price was $270,805, a decrease of 5% or $14,195 compared to last year. The current median sold price is 2% higher than in February.

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
606
Current Contracts
360
Sold Vs. List Price
96.1%
Months of Supply
12.7
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 3%
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -3.1%
Vs. Year Ago
Down -26%
Vs. Year Ago
Months of Supply
In March, there was 12.7 months of supply available in Sussex County, compared to 17.1 in March 2014. That is a decrease of 26% 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 606 homes newly listed for sale in Sussex County compared to 587 in March 2014, an increase of 3%. There were 360 current contracts pending sale this March compared to 323 a year ago. The number of current contracts is 11% higher than last March.

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Sale Price to List Price Ratio
In March, the average sale price in Sussex County was 96.1% of the average list price, which is 3.0% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 162, higher than the average last year, which was 152, an increase of 7%.

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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.