Local real estate market enjoys continued gains

Data released recently by the Sussex County Association of Realtors reveals a steadily strengthening local real estate market, with nearly all sectors showing modest gains over the same period in 2016, and the highest residential sales volume in a first quarter within the last 10 years.

In all, 1,020 residential homes were sold thus far in Sussex County for a total of more than $338 million. This represents a 22 percent increase in the number of homes sold and a 10 percent increase in average sales price over the same period a year ago.

"There's no questioning the fact that the first quarter of this year has been especially strong, with many more buyers entering the market," says Brigit Taylor, the association's 2017 president. "With the highest first-quarter residential sales volume in over a decade, 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."

Home sales for the months of January, February and March were especially strong in 2017. The average sale price of a residential home in Sussex County rose significantly compared to the first quarter of 2016. The average residential home sold for $331,863 in the first quarter, compared to $300,638 last year.

As of March 31, there was also a 35 percent increase in total volume over the first quarter of 2016 - Sussex County's highest level in 10 years. This means that homes for sale are returning to prerecession levels.

"We always try to stay cautiously optimistic when it comes to the future, but the data continues to be strong and we look forward to a strong 2017 and beyond," says Taylor.

Commercially speaking, the first quarter of 2017 saw an increase in units sold over the previous year, but a decline in average sales price. Also, more than $4 million has been generated in commercial sales, and more than $30 million in sales of land.

To view an extensive database of homes currently for sale in Sussex County, go to www.scaor.com.