As reported in the Cape Gazette on April 27, 2011
"Apr 27, 2011 Share Sales data released recently by the Sussex County Association of Realtors (SCAOR) reveals a clear and continuing improvement in southern Delaware’s real estate markets, further proof that the rebound from the recession, which gripped the region, and the country, is gaining momentum.
Single family home sales for the first three months of 2011 were up 11 percent over the same time a year ago, with the average home in the county selling for a median price of $304,406.
Nearly 500 homes were sold in Sussex County through the end of March, up from less than 435 during the first quarter of 2010. While that’s still a far cry from the near record levels the area experienced during the market’s peak a few years ago, the most recent data supports real estate’s continued recovery.
“We are obviously encouraged by this most recent data, which supports what we’re hearing from our members, who are all reporting renewed interest and busier schedules,” said Sandy Greene, 2011 president of SCAOR. “The data clearly shows that real estate here in Sussex County has been on the uptick for several quarters now, and we expect to see more of the same in the coming months.”
Traditionally, real estate sales in Sussex County have been the strongest in the spring and summer months, as the area’s coastal resorts come alive and residents and visitors again start flocking to the sandy shores of the Atlantic Ocean.
With the onset of the warm weather months comes a renewed interest in real estate, whether along the coast or further inland in one of the county’s central or western municipalities.
“We have a very unique market here in Sussex County, with the resorts to the east and an area much more based on agriculture to the west,” said Greene. “But we’re seeing improvement, albeit at different levels, throughout the county. We see this as an extremely positive forward indicator.”
While there are still many vacant storefronts and several challenges facing Sussex County’s commercial markets, that segment of the marketplace is also showing significant improvement in the new year.
Nearly three times as many commercial sales have take place in the first three months of 2011, compared to the same time a year ago, for a total dollar figure more than seven times that of 2010.
“While many companies are still choosing to build new structures rather than purchase and occupy existing ones, we’re extremely encouraged by these numbers in the commercial market,” said Greene. “I’m also hopeful that this trend will continue, as business owners discover all that Sussex County has to offer. Low taxes, a robust second homeowner market and a continuously growing population - why wouldn’t you want to do business here?”
Whether the commercial or the residential market, Sussex County is showing significant signs of recovery and stabilization, which are two very important factors for buyers moving forward.
There are still scores of good opportunities out there, however, as the county remains in a buyer’s market, and probably will for some time.
“Prices and interest rates are still low, and we still have an unusually large amount of inventory on the market,” said Greene. “With all of these factors, plus the return of warm weather, it’s a perfect time to get out there and shop around. The more time that passes, and the more the economy recovers, many of these opportunities will go away. If you’re interested in buying a home, now is the time.”
To read more about issues related to Sussex County’s real estate industry, visit SCAOR’s website at scaor.com."
Showing posts with label Sussex County Market. Show all posts
Showing posts with label Sussex County Market. Show all posts
Saturday, April 30, 2011
Tuesday, April 12, 2011
How's the Market in Sussex County?
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.
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.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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.
Monday, November 16, 2009
Sussex County Home Foreclosure Workshop
On November 21st, from 10 a.m. to noon, First State Community Action Agency will present a workshop for those homeowners facing possible foreclosure. The workshop will be at 308 N. Railrod Ave in Georgetown, Delaware. For more information, call Tracy Spriggs at 302-674-1355. If you are worried about your mortgage payment, or if you may be facing a bank foreclosure action, you can call the state's attorneys general office through the hotline: 1-800-220-5424. The office serves as a clearinghouse for information for homeowners needing information about government programs, or if you need to connect with a housing counselor, or need information about other upcoming workshops. This clearinghouse can also be contacted if you believe you are caught up in a foreclosure scam.
Sunday, November 15, 2009
Mid November Market Watch for Sussex County Delaware
The current market housing statistics for Sussex County Delaware is showing a clean start and an upswing in sales. October began the 4th quarter of this calendar year and the indicators appear to be putting the market in the black. The first quarter averaged 120 homes sold for an average sales price of $292,000. The second quarter saw 215 homes sold with an increase in sales price to $298,000. The third quarter saw a strong increase; 238 sales with an average sales price of $327,000. So where did we close in October, the beginning of the historically slower holiday months? There were 220 homes sold and with an average sales price of $323,000. This represents a jump on the first two quarters and a close neck to neck race with the third quarter. The current inventory is just over 5000 which is a decrease in the number of homes available from quarter's end in March, June, and an even inventory with September. The statistical data is running fairly even keel with Kent County and is another indicator of a slightly improving housing market.
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