Monday's Main Event - Vol. 111.0 - 01.13.2025

 

Monday's Main Event Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings The Main Story... New Year, New Perspective - What 2025 can learn from last year... 2024 was a year of growth in all aspects of the Real Estate market in Sussex County.  Closings were up by 10% with a slight increase in the average home price.  New Listings were up by 20%, also with a slight increase in the average price versus a year ago. The average number of Days on Market increased for both homes closed-on and all that were listed. Reflecting on pre-covid 2019, homes were averaging 45 Days on Market, so although there's been a 24% increase over last year, we are still seeing the average home selling faster than it would have in 2019. While we see nearly 50% more homes on the market at the end of December this year vs. last year, we also have to acknowledge that our average inventory levels are still below where they were at the end of 2019 by approximately -13% (5,255 vs 6,008). Over the last 5 years we've seen considerable growth in the average home price while the total number of homes sold has declined since the rush-to-buy during the initial Covid years.   Although we did see an increase in homes that were closed on this year vs last year, we are still down slightly from 2019's total of 5,303 (-1% from 2019). Mortgage rates fluctuated a lot during the year but ended December down from both November's average and last year.  January 2024 started the year off in the mid-6% range, so we'll see if that will again be the case by the time this January closes out. To sum it up... While we are continuing to see positive signs of stability and growth in the Real Estate market in Sussex County, we are still not back to the levels before Covid impacted us 5 years ago.    Moderate increases in listings are also leading to more homes sold, but the higher prices and interest rates are surely affecting some homes staying on the market longer than in previous years.   2019 is the bellwether to which I've reflected on for the last 4-5 years and while all signs are indicating sales, inventory, and days on market are creeping closer to those pre-Covid and pre-inflationary levels; home prices have remained strong throughout and have not shown signs of decline, despite higher interest rates.    Looking for a Deal ? See what's been sitting around for more than 90 Days and where the greatest opportunities are to negotiate with Sellers Detached Homes Townhomes Condominiums Manufactured Homes See something you like ? Call, Text or Email me for more information. jeff@jeffheckerhomes.net  215-432-3066 Accredited Buyers Reprensentative I'm proud to say that recently I became an Accredited Buyers Representative through the National Association of Realtors. This accreditation is geared toward the nuances of a Buyer and Seller relationship and how Agency comes into play with Unrepresented Buyers. Did you know, if you're a Buyer and don't have an Agency relationship with your Realtor®, they are representing the Seller, NOT YOU!? For More Information: Jeff Hecker - 215-432-3066 - jeff@jeffheckerhomes.net Click Here to start your home search, today! Help me, help you. Complete the Survey Forward this to a Friend Real Estate Portfolio Analysis Stay up to date on your home valuations and real estate assets with a real estate portfolio review. New Newsletter Content Want something that you don’t see in this newsletter? Hit reply and let me know! Local Business Recommendations Reach out to me for any home improvement project contractors, or even food & activity recommendations. Market Stats for Specific Towns or Communities I’m here to help decode the mystery of the Sussex County Real Estate market. Let me know which communities you are interested in for more information. Did you find this information helpful?  Let me know by simply replying "thanks" in the comments, below. Interested in information about a specific town or community?  Let me know in the comments, below.   I'm here to help decode the mystery of the Sussex County Delaware Real Estate market. *all information in this email is relative to Sussex County Delaware and is not to be construed as the case for Kent or New Castle Counties.