The Sussex County Association of Realtors reported a strengthening local real estate market and the highest residential sales volume for a first quarter in a decade.
A total of 1,020 homes were sold thus far in Sussex County for a total of more than $338 million. This represents a 22 percent increase in the number of homes sold and a 10 percent increase in average sales price over the same period a year ago.
“There’s no questioning the fact that the first quarter of this year has been especially strong, with many more buyers entering the market,” says Brigit Taylor, SCAOR’s 2017 president. “With the highest first quarter residential sales volume in over a decade, we feel this market is only going to continue strengthening moving forward. As industry professionals, we’re definitely excited at what we’re seeing in Sussex County.”
The average residential home price sold for $331,863 in the first quarter, compared to $300,638 last year.
As of March 31, there was also a 35 percent increase in total volume over the first quarter of 2016 – Sussex County’s highest level in 10 years. This means that homes for sale are returning to pre-recession levels, a release from the association noted.
“We always try to stay cautiously optimistic when it comes to the future, but the data continues to be strong and we look forward to a strong 2017 and beyond,” says Brigit.
The commercial side saw an increase in units sold over the previous year, but a decline in average sales price. Additionally, more than $4 million has been generated in commercial sales, and more than $30 million in sales of land.
The Sussex County Association of Realtors was chartered in 1949.
The Sussex County residential market has been steady in recent years after posting a strong performance during the economic recovery that followed the recession.
There has been speculation that homeowners are pulling the trigger on home purchases in anticipaiton of higher interest rates.
