For the third consecutive year, the number of home sales in Sussex County has increased by double digit percentages, indicating the real estate recovery in Delaware’s southernmost county is continuing to gain momentum, now more than four years removed from the nation’s largest economic downtown since the Great Depression.
Year-end data compiled and released by the Sussex County Association of Realtors (SCAOR) this month show just how strong this recovery has been in the local area, with more than $1.3 billion worth of real estate changing hands in 2013. This resulted in an impressive 13 percent jump from the year before.
“I think what we’re seeing now is that people who were looking for and waiting on positive signs in regards to the economy have decided it’s now time to jump into the market and purchase a new home for themselves and for their families,” says Brad Riedle, 2014 president of SCAOR. “They want to do so now before prices and interest rates climb any higher. We expect continued growth and momentum in the local markets throughout the rest of the year and beyond.”
Single-family home sales for the 2013 calendar year rose more than 12 percent over the year before, with the average three-bedroom home in the county selling for a median price of $346,284.
In total, 2,585 single-family homes were sold in Sussex County in 2013, with the days on the market decreasing from 198 at the beginning of the year to only 168 by the end of December. Also, due to the strength of the residential market in southern Delaware, the supply of existing homes for sale fell to just 44 weeks of inventory at the end of 2013, a number calculated by dividing the total value of the present inventory on hand by the average weekly sales.
This inventory level is the lowest it’s been in Sussex County in more than two years, another positive sign for the long-term strength of the real estate market in southern Delaware.