First Quarter Stats for 2018
FOR IMMEDIATE RELEASE
Local real estate market enjoys continued 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 holding steady compared to the same period in 2017, and the highest residential sales volume in a first quarter within the last 11 years.
1,002 residential homes were sold thus far in Sussex County for a total of more than $365 million. This represents a 5% decrease in the number of homes sold and a 9% increase in average sales price over the same period a year ago.
“It’s incredible to see the sales growth we’ve experienced continue to hold steady,” says Chris Lind, SCAOR’s 2018 president.
Home sales for the months of January, February and March were especially strong in 2018. The average sale price of a residential home in Sussex County rose slightly compared to the first quarter of 2017. The average residential home price sold for $364,275 in the first quarter, compared to $333,961 last year.
As of March 31, there was slight increase in total volume verses the first quarter of 2017. This means that home sale prices are holding steady at pre-recession levels.
“With such a strong start, it’s easy to get excited about the rest of the year. We’re optimistic about the future of real estate in Sussex County,” says Chris.
Commercially speaking, the first quarter of 2018 saw an increase in units sold over the previous year, but a decline in average sales price. Additionally, more than $14 million has been generated in commercial sales, and more than $24 million in sales of land.
To view an extensive database of homes that are currently for sale in Sussex County, visit SCAOR’s Website at www.scaor.com.
The Sussex County Association of REALTORS® was chartered in 1949 and has steadily grown in size, scope, and mission during its more than 6 decades in Sussex County. It is a professional trade association with goals of carrying out a program of ethics, 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.
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