Local Real Estate Market Remains Strong
FOR IMMEDIATE RELEASE
The real estate market in Sussex County, Delaware continues to be active for buyers and sellers. Real estate date released by the Sussex County Association of REALTORS® (SCAOR) for the 2017 shows 5,276 residential units sold, a 15% 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, a modest 1% decrease over 2017’s third quarter. The average home sale in the fourth quarter was $338,373 which is slightly more than the third quarter average of $333,136.
Single family home sales total $1.4 Billion in sales, with 3,941 homes sold in 2017.
Condo and townhomes continue to be a popular market segment in Sussex County. 1,292 units sold in 2017 totaling $413,151,363 in sales with an average selling price of $319,777. In 2016, 1,125 units had sold with an average sale price of per unit of $306,675. The sale price per unit reflects a 5% increase in 2017. The 2016 sales volume was $345,009,712 and increased by 20%.
In the lots and land category of the MLS, the number of sales in this area was 27% higher in 2017 with an average selling price of 22% 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% in the farms sold and 3% decrease in average sale price.
Commercially speaking, the real estate indicators are strong. A total of 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% and an 34% 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 Association is ready to serve the public in any and all real estate transactions. President Lind noted that, “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 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 increased in size, scope, and mission during its more than six decades representing buyers and sellers in Sussex County. SCAOR is a professional trade association with a mission statement of ethics, education and advocacy for real estate transactions throughout the County.
SCAOR is also 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.
Brokers and Members:
- Approved Sandi Bisgood as DAR Nominating Director
- All Officers and Directors took the Oath of Office for 2018
- Set MLS Fees ($60 members and $90 MLS Only members) for the first 3 months of 2018
- An RPAC event will be scheduled in 2018 with the Young Professionals Network
- Only committees to meet before Janury 18 were MLS, Professional Development and Affiliates
- New BOD for the Community Service Foundation
- No update on a Reciprocal Agreement with Coastal Association of REALTORS (the goal is to have a new Agreement executed before the Bright MLS conversion date)
- Language to replace current Document Retention Policy (recommended by NAR and legal counsel)
- Amended FY 2018 Budget to include funds for a 2017 Audit (Review/Audit now an annual requirement)
- May BOD meeting changed from May 10 to May 24
Welcome to the SCAOR October REALTOR® membership report!
- Year to date, we have 31 new members joining in January 2018.
|1/2/18||Scott L Borino|
|1/2/18||James O Farrell|
|1/9/18||Georgiana Price Buck Penny|
|1/10/18||Rich C Meadows III|
|1/11/18||Ralph Richardson III|
|1/16/18||Karen M Rowe|
|1/17/18||Tracy Lynn Zell|
|1/17/18||Carol Ann Pala|
|1/23/18||Cameron A McCain|
|1/23/18||Mark S Ricker|