Real Estate News

SCAOR Reports a Strong 1st Half for the Sussex County Real Estate Market

From the Sussex County Association of Realtors . . .

Second quarter sales data released recently by the Sussex County Association of Realtors (SCAOR) indicates a southern Delaware real estate market that has caught fire in recent months, showing significant gains over the same period in 2014.

Through the first six months of 2015, more than 2,000 residential homes have been sold in Delaware’s southernmost county, a huge year-to-year jump not only in volume, but also in terms of sales price.

In all, 2,049 homes were sold between January and June. This is a 49 percent increase over 2014 in number of homes sold, with properties also selling for an average of 20 percent more in terms of final settlement price.

In the first half of the year, the average three-bedroom home in the county is selling for a median price of $360,780, while the average amount of time on the market has dropped to an average of just 105 days.

In total, more than $511 million worth of real estate has changed hands during the first six months of 2015, in the single family market alone. Additionally, more than $143 million in condo/townhome sales were completed during the first half of the year and more than $4.6 million in mobile home sales.

The lots/land and commercial segments are also up double digits from a year ago, with commercial real estate showing a 53 percent increase in sales volume and a staggering 72 percent increase in total sales.

For more information, check out the SCAOR website.

Sussex County Association of Realtors 

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