Berkshire Hathaway HomeServices PenFed Realty provides this monthly analysis of the real estate market in Sussex County, Delaware.  Whether you are buying, selling or just have an interest in the market, we hope you will find this analysis useful.

As a Buyer, this can be a valuable tool for making an offer on a property. Having up-to-date information on selling prices of comparable properties will allow you to make the smartest offer.

As a Seller, having the knowledge to determine the listing price for your property, can help you to obtain the best possible sale price in the shortest amount of time.

To download the full Market Watch newsletter, click here.

The statistics referenced here and in the attached newsletter are based on detached single-family home sales over the last 12 months compared to the previous 12-month period.  They are derived from the Bright Multiple Listing Service.

Active Listings/Current Inventory
As of the end of April, there were a total of 1,001 homes on the market, an increase of 3% from the previous month's end inventory of 973.    Of the 1,001 homes on the market at month’s end, 53% of them are new construction homes.  The current homes on the market represents slightly more than a 3-month's supply of inventory, with a current absorption rate of 321 homes sold per month over the last 12 months.

Closed Sales
Over the last 12-months, sales of single-family homes in Sussex County are down 23% compared to the previous 12-month period, with 3,849 homes sold compared to 5,027 for the previous year.  All areas of the county showed a decrease, with the largest decreases in the Milton/Harbeson/Broadkill Beach Area, down 35% and the Milford/Lincoln/Slaughter Beach Area, down 34%.  The area with the lowest decrease was the Lewes/Rehoboth/Dewey Area, down 13%.

For the first 4-months of 2023 compared to the same time frame last year, sales are down 21%, with 1,124 units closed through April of 2023 compared to 1,422 units through April of 2022.  Two areas show little or no decrease in sales for the first 4 months of 2023 compared to 2022.  The Lewes/Rehoboth/Dewey Area is less than a 1% decrease, with 268 homes sold compared to 269 the previous year.  The Georgetown Area had 35 homes sold through April of 2023 compared to 35 through April of 2022.

Home Prices
Over the last 12-months, the average sales price of single-family homes in Sussex County are up over the previous 12-month period, $603,195 compared to $542,188, an 11% increase.  The median sales price was also up over the previous 12-month period, $484,000 compared to $425,250, a 14% increase.

For the first 4 months of 2023 compared to the first 4 months of 2022 the average sales price is up 11%, and the median sales price is up 14%.

Pending Sales
Pending sales for the last 12-months were down by over 25% over the previous 12-month period, with 3,479 homes going under contract, compared to 4,652.

For the first 4 months of 2023 compared to 2022, pending sales were only down 7%, with 1,291 homes going under contract in 2023 compared to 1,386 in 2022.

Days on Market
The average days on market for homes to go under contract has increased by 37% for homes that have closed over the last 12-months compared to the previous 12-month period.  The current average days on market for these closed homes is 44 days, compared to 32 days during the previous period.

Houseplants bring earthy beauty to interiors, but they can quickly show signs of decline if they don’t get the correct amount of sun, nutrients and water. When your favorite plant turns into a droopy, brown mess, where can you turn for help?

Google Play or Apple might not be your first move, but they have excellent apps that can help you choose, care for, and grow healthy beautiful plants. You can use an app to help you save a sickly plant, talk to the app’s team of botanists, and set reminders for watering, fertilizing, pruning and other plant care, advises HappySprout.com.

Download PlantSnap.com or PictureThis the next time you visit a nursery to help you choose plants that will thrive in your home or garden. Use the app when you’re on a nature hike to help you identify edible plants and keep you from walking into that tangle of poison ivy.

Bloomscape’s Vera app offers a great way to document your plants, customize watering and fertilizing schedules, and journal about your plants as well as store pics of them as they grow. Plantnote is an app diary that allows pics with a data backup option, and it integrates with Google Lens to identify plants with Apple Maps or Google Maps.

Reader’s Digest rates Planta as the best plant-care app for 2023, and it’s an Editor’s Choice on the App Store. The paid subscription includes a light meter and access to Dr. Planta for troubleshooting plant disease and other advice.

Between 20%-26% of the nation live in multigenerational homes with two or more adult generations or grandparents and grandchildren younger than 25. According to Homes.com, there are numerous benefits—multigen households save money and share responsibilities to improve wellbeing for all members. Children have fewer behavioral problems, grandparents are happier and less lonely, and their adult children have more financial and emotional support.

Younger adults can improve their credit, reduce debt, and save for a down payment on their own home one day. Family members can combine their credit and cash to borrow bigger mortgage and remodeling loans to buy better homes, improve lifestyles and increase privacy.

To make shared living successful, multigen households should establish some ground rules, advises Betterup.com. 

1. Create both common areas and separate spaces. All household members need privacy. Homes with dual owner’s suites, kitchenettes, private baths and separate entrances make it easy to live together and have privacy, too.
2. Set boundaries. Establish everyone’s needs, expectations and personal preferences openly. Respect each other’s privacy, possessions and time.
3. Do your part. Pay your fair share as agreed. Do your chores on time. Offer help when needed.
4. Create opportunities for caregivers to recharge. Date nights and weekend getaways away from the house can be refreshing for parents or caregivers of aging parents.
5. Create playtime for the whole family. Everyone can look forward to board game night, family vacations, trips to the park, school plays, or tickets to sporting and musical events.

Kitchens with little workspace, poor lighting, cramped traffic flow, and inadequate storage can easily be redesigned into high-functioning spaces.

Space Planning

If there is room to borrow space from somewhere else—the utility room, pantry, or living area—you can increase functionality by installing new cabinets, drawers and countertops that are a few inches shallower than standard. You’ll have more room to walk around 18” deep cabinets and less trouble bending over to retrieve pots or dishes from the back of a 24” cabinet. Buy upper cabinets that go all the way to the ceiling for extra storage. Locate your dishwasher so that the open door doesn’t bang into nearby cabinets and drawers.

Streamlining

You’ll have more workspace if you keep countertops cleared of clutter. You can choose a cabinet that includes a convenient appliance garage to store blenders, coffee grinders, and other small appliances. Instead of building a separate pantry, attach an extra-tall cabinet unit on the end to use for canned goods, brooms, etc.

Lighting

Nothing beats natural light, but you can brighten workspaces with undercabinet lighting and canned ceiling lights. For overhead lights, install a flush-mount fixture with multiple lightbulbs.

Appliances

At 30”-36” wide, refrigerators can hog precious workspace. A narrower fridge between 24” and 28” is more suitable for a smaller kitchen. Microwave/convection/oven units cook multiple ways and can be recessed into a wall. Freestanding ovens with four-burner cooktops come as compact as 20” to 24”, large enough to roast a Thanksgiving turkey.