Sales data continues upward trend in local real estate

Data released by the Sussex County Association of Realtors continues to indicate a strong local real estate market in southern Delaware. These positive sales figures, compiled by the trade association for the first three quarters of 2013, 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 more than two years of strong data pertaining to Sussex County’s real estate industry.

“This is more great news for all of us, not only as Sussex County real estate professionals, but also as local residents,” says Bob McVey, 2013 president of SCAOR. “As the real estate market goes, so goes the local economy. I think we’re getting that message perfectly clear right now here in Sussex County.”

Single-family home sales for the months of July, August and September rose more than 21 percent over the same quarter last year (following a 22 percent increase from 2011 to 2012), with the average three-bedroom home in the county selling for a median price of $248,008.

Nearly 2,900 homes were sold in Sussex County through the end of September, selling at a 14 percent higher clip than during the third quarter of 2012. And more good news – the final selling price for all three categories of single family homes are trending higher in 2013.

Final sales figures for two bedroom homes have increased 12 percent, three bedroom homes 4 percent and four bedroom homes 7 percent during the first three quarters of the year.

“I believe that the same reasons our markets held up better than most during the recession are the same reasons why it’s bounced back so quickly. Our proximity to the coastline, our lower tax rates and our higher quality of life continue to draw people here to Sussex County, and I believe that will continue,” says McVey. “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, which, of course, it is.”

A Money magazine article published earlier this year also makes the case that the housing industry serves as a major driving force for the nation’s economy. Points made in the piece include the following: home prices in the last year have increased in 92 of the country’s 100 largest metropolitan areas; homes are more affordable than they’ve been in 40 years; the number of houses for sale is at the lowest level in a decade; price increases are projected for most of the country for the rest of 2013.

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, go to www.scaor.com.