Local real estate market enjoys steady gains over same period a year ago
Data released recently by the Sussex County Association of Realtors (SCAOR) reveals a steadily strengthening local real estate market, with nearly all sectors showing modest gains over the same period in 2014.
As of March 31, 825 homes were sold thus far in Sussex County for a total of more than $275 million. This represents a 9 percent increase in the number of homes sold and an 18 percent increase in sales price over the same period a year ago.
Going back one year further, the number of homes sold also reveals a 21 percent gain over those sold in the same period in 2013.
“There’s no questioning the fact that the first quarter of this year has been especially robust, with many more buyers entering the market,” says Fred Dean, SCAOR’s 2015 president. “With the reduction in inventory due to the higher number of sales, we feel this market is only going to continue strengthening moving forward. As industry professionals, we’re definitely excited at what we’re seeing in Sussex County.”
Single-family home sales for the months of January, February and March were especially robust in 2015, after the harsher than normal winter a year ago. The average sale price of a residential home in Sussex County also rose significantly over the first quarter of 2014, with the average three-bedroom home selling for $262,330 thus far in the current calendar year, compared to $246,198 last year.
As of March 31, there was also a 12 percent reduction in inventory over the last 12 months, which continues a years-long trend of inventory reduction in Sussex County. This means that homes for sale are returning to pre-recession levels, which is good news for both buyers and sellers.
“We’re particularly excited about the inventory reduction because that means we’re beginning to achieve a more reasonable balance between homes on the market and buyers wishing to purchase a home,” says Dean. “This leads to a healthier real estate market, one that’s been many years in the making.”
More than $275 million in local real estate has been sold through the first quarter of 2015 in Sussex County, in the single-family market segment alone. Additionally, more than $56 million has been generated in condominium and townhome sales, more than $4 million in mobile home sales and more than $14 million in sales of land.
Commercially speaking, the first quarter of 2015 saw the same number of sales as the previous year, but there was a 3 percent jump in the average sales price, indicating a stabilizing market.
To view an extensive database of homes that are currently for sale in Sussex County, visit SCAOR’s Website at www.scaor.com.