HOW’S BUSINESS?
LOCAL MARKET ACTIVITY REPORT 2011 First Quarter Housing STATS for Sussex County compiled from SCAOR MLS
REAL ESTATE SALES:
• Single Family:
The total number of closed listings as of March 31, 2011 was 474 homes totaling $144,288,555 in sales. The average sell price of a single family home was $304,406. Three bedroom home sales accounted for the largest segment with 263 sales compared to 80 for two bedroom and 131 for four bedroom homes. Sellers obtained 93% of the listed sell price and the average days on the market was 232 days. The average sell price for a two bedroom home is $ 178,869; three bedroom home is $225,103 and four bedroom home is $540,283.
The single family home sales show an improvement from the same time period in 2010. Last year, 434 homes were sold for an average sale price of $289,965 with total sales of $129,750,601. On the other hand, last year two bedroom homes sold for $223,716,; three bedroom homes sold for $260,108, and four bedroom homes sold for $430,701. The four bedroom home is the only home to see an increase in average sell price thus far in 2011.
The numbers indicate more sales and a higher average sell price year to date when comparing 2011 to 2010. This 11% gain is a positive message and supports the comments from members that they are busy and things are moving.
• Condo and Townhouse:
The total number of closed listings as of March 31, 2011 was 94 units totaling $28,399,805 in sales. The average sell price of a unit was $302,126. The list to sell percentage was 94% and the average days on the market was 316. Compared to 2010, this market has not shown improvement. In fact, fewer units have sold and the average sales price has declined. The 13% reduction in the number of units and the 6% decline in sales price indicate the market has not recovered in this area. Last year at this time, the sales were $34,671,726 and the average sales price was $321,035 with a total of 108 units being sold.
• Mobile home:
The total number of closed listings as of March 31, 2011 was 49 units totaling $ 2,118,480 in sales. The average mobile is selling for $43,234 which represents 85% of the list to sell price. The average days on the market has declined in this area from 256 days in 2010 to 229 in 2011. While the number of sales and days on market has improved, the average sale price has declined from $71,809 in 2010 to $43,234 thus far in 2011. This significant decline may be impacted by many variables such as if most sales are in lease hold situations.
• Lots and Land:
The total number of closed listings as of March 31, 2011 indicates 83 parcels totaling $11,595,750 in sales have occurred. The average selling price per parcel was $139,708. The list to sell percentage was lower than any other area at 82%. The average days on the market was 442 which increased from last year’s average of 362. Lots and Land have increased in the number of parcels sold from 76 in 2010, but this modest 9 % gain is offset by the lower average sale price average. During 2010, the average sale price for lots and land was $205,127 and has dropped 68%.
• Commercial:
Despite the vacant store fronts and commercial challenges, the market in Sussex is showing a slight rebound. The number of closed listings as of March 31, 2011 indicates 14 sales totaling $7,721,500 which is up from 5 sales totaling $1,092,000 last year. The days on market has seen a reduction from 348 to 317 and the list to sell percentage remains steady at 81%.
The total sales from the above property types are $198,118,011and is an increase of 8% from 2010 sales at 183,760,923.
All real estate is local and we know that the average sales price in Bethany is not the same as the average sales price in Seaford. We also know that our area is showing signs of recovery and stabilization which are two important factors for buyers.
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Americans Prefer Smart-Growth Communities
Americans favor walkable, mixed-use neighborhoods, with 56 percent of respondents preferring smart-growth neighborhoods over ones that require more driving between home, work and recreation, according to a new study. NAR’s Community Preference Survey also found that 77 percent of respondents said they would look for neighborhoods with abundant sidewalks and other pedestrian-friendly features, and 50 percent would like to see improvements to existing public transportation rather than initiatives to build new roads and developments.
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