2nd Quarter Stats – Recent sales data continues upward trend in local real estate
FOR IMMEDIATE RELEASE
Recent sales data continues upward trend in local real estate
Data released last week by the Sussex County Association of Realtors (SCAOR) continues to indicate a strong local real estate market in southern Delaware. These positive sales figures, compiled by the trade association for the first half of 2017 show sustained growth across all segments of the market in the state’s southernmost and largest geographic county.
The data is the latest in a string of positive reports for SCAOR, which has now reported years of strong data pertaining to Sussex County’s real estate industry.
“This quarter was especially positive, as Sussex County is buoyed by a large number of summertime visitors and buying activity in the second homeowner market,” says Brigit Taylor, 2017 SCAOR President. “But this month over month increase is important to note as it indicates a continuing interest in our area as a resort destination. Our proximity to the coast is definitely one of our strongest selling points, and one that has served us very well for many years.”
Residental* home sales for the months of April, May, and June rose in 2017, with 1,473 properties being sold during the quarter. This brings the yearly number of property sales this calendar year to 2,510, which represents more than $841 million in year-to-date sales.
With a 42% increase in total units sold over last quarter, home sales continue to rise. The average home in Sussex County in 2017 is selling for more than $335,000.
Also, Sussex County’s commercial real estate market continues to thrive in 2017, with a 19% increase in total units sold in this quarter over the first quarter of 2017, and a 40% increase in average price over the same quarter last year. That’s over 10 million in commercial sales volume in this quarter alone.
“Our proximity to the coastline and our lower tax rates continue to draw people here to Sussex County, and I believe that will continue,” says Brigit. “Our numbers are up, and I think a big reason for that is because residents of other states continue to see Delaware real estate as a strong investment.”
The Sussex County Association of Realtors was chartered in 1949 and has steadily grown in size, scope and mission during its more than six decades in Sussex County. It is a professional trade association with goals of carrying out a program of education and advocacy for real estate in the county.
SCAOR is a resource for the public, as well as a recognized advocate for property rights and property owners in Sussex County. The association also monitors legislative issues on the local, state and national levels that may impact home ownership in the area.
To read more about issues related to Sussex County’s real estate industry, visit SCAOR’s website at www.scaor.com.
*Note: language corrected from “Single-Family”.
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