SCAOR: Recent sales data continues upward trend in local real estate

Date Published: 
July 21, 2017

Data released last week by the Sussex County Association of Realtors (SCAOR) continued to indicate a strong local real estate market in southern Delaware, representatives said this week. The positive sales figures compiled by the trade association for the first half of 2017 showed sustained growth across all segments of the market in the state’s southernmost and largest geographic county, according to SCAOR.

The data is the latest in a string of positive reports for SCAOR, which has now reported years of strong data pertaining to Sussex County’s real estate industry.

“This quarter was especially positive, as Sussex County is buoyed by a large number of summertime visitors and buying activity in the second homeowner market,” said Brigit Taylor, 2017 SCAOR president. “But this month-over-month increase is important to note, as it indicates a continuing interest in our area as a resort destination. Our proximity to the coast is definitely one of our strongest selling points and one that has served us very well for many years.”

Single-family home sales for the months of April, May and June rose in 2017, with 1,473 properties being sold during the quarter. That brings the yearly number of property sales this calendar year to 2,510, which represents more than $841 million in year-to-date sales.

With a 42 percent increase in total units sold over last quarter, home sales continue to rise. The average home in Sussex County in 2017 is selling for more than $335,000.

Additionally, SCAOR reported, Sussex County’s commercial real estate market continues to thrive in 2017, with a 19 percent increase in total units sold in this quarter over the first quarter of 2017, and a 40 percent increase in average price over the same quarter last year. That’s more than $10 million in commercial sales volume in this quarter alone.

“Our proximity to the coastline and our lower tax rates continue to draw people here to Sussex County, and I believe that will continue,” said Taylor. “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.”

To read more about issues related to Sussex County’s real estate industry, visit SCAOR’s website at www.scaor.com.