Report shows Sussex County real estate market remains strong
The real estate market in Sussex County continues to be active for buyers and sellers. Real estate date released by the Sussex County Association of Realtors for 2017 shows 5,276 residential units sold, a 15 percent increase over 2016. This indicates an upward trend over an already high number of homes sold in Sussex County.
2018 SCAOR President Christopher Lind said, "After reviewing the data from 2017, we are pleased to see a continued increased trend in sales volume which makes us confident that we will see another strong year ahead in the local market."
In just the fourth quarter alone, 1,351 residential homes sold, representing a modest 1 percent decrease over 2017's third quarter. The average home sale in the fourth quarter was $338,373, slightly more than the third-quarter average of $333,136.
Single-family home sales total $1.4 billion, with 3,941 homes sold in 2017. Condos and town homes continue to be a popular market segment in Sussex County. In all, 1,292 units sold in 2017 totaling $413,151,363 with an average selling price of $319,777. In 2016, 1,125 units had sold with an average sale price per unit of $306,675. The sale price per unit reflects a 5 percent increase in 2017. The 2016 sales volume was $345,009,712 and increased by 20 percent.
In the lots and land category of the MLS, the number of sales in this area was 27 percent higher in 2017 with an average selling price of 22 percent higher than 2016. The average lot sold for $204,627 in 2017, with 776 total lots sold.
Farm sales were down in 2017, with 12 farms sold with an average sale price of $420,842. This represents a decrease of 14 percent in the farms sold and a 3 percent decrease in average sale price.
Commercially speaking, the real estate indicators are strong. In all, 71 properties totaling $38,062,000 have sold year to date. This equals an average sale price of $552,293, which represents an increase in sales volume of 32 percent and a 34 percent increase in sales total.
With the exception of farms, every real estate sector has continued an upward trend in Sussex County in 2017.
There is no better time to hire a professional Realtor to assist with a future transaction. With over 1,800 members, the sssociation is ready to serve the public in any and all real estate transactions. Lind said, "With the vast options of properties available in Sussex County, and so many resources for buyers to search for properties, utilizing a professional Realtor will simplify the process for both buyers and sellers."
To view an extensive database of residential, commercial and land currently for sale in Sussex County, go to www.scaor.com.
