Real Estate Data Indicates Strong Market in Southern Delaware
Recent sales data from the Sussex County Association of Realtors (SCAOR) shows a still strong real estate market in southern Delaware. It’s been several years in a row now of modest growth in the county, which is good news for everyone who lives and works here.
According to SCAOR, Nearly $700 million of real estate has changed hands in southern Delaware during the first six months of 2016, with residential homes selling for an average of $309,320.
Homes are also staying on the market for an average of just 146 days and all other sales categories are also strong. This includes commercial sales, which have accounted for more than $12 million so far this year.
In total, 2,064 residential properties have been sold in Sussex County between January 1 and June 30, again according to data compiled from SCAOR’s Multiple Listing Service.
What this means for us at Whayland, as well as businesses throughout southern Delaware, is that the real estate market is strong. And when the real estate market is strong, that generally means the economy is strong.
During this type of economic cycle, people are generally content with how things are going and not hesitant to spend money. Look at two of our biggest current projects – major clubhouse builds in Lewes and in Long Neck – as a sign of the strength of the market right now in Sussex Delaware.
Developers are spending millions of dollars to build these two structures, so current and future residents can enjoy the amenities that come with living in a planned residential community.
This doesn’t happen when the market is struggling. It never has and it never will.
To summarize SCAOR’s data, nearly 2,400 real estate transactions were completed in Sussex County between January and June. In addition to residential sales, nearly $43 million in sales of lots and land, more than $1.5 million in farms and more than $12 million in commercial sales transactions were completed in the first six months of the year.
And there’s no indication that this strong data won’t continue for the rest of 2016 and well into next year.
Visit our website to learn more about the Whayland Co., and be sure to check back here again soon for more on southern Delaware, the commercial construction industry and what we’re up to here at Whayland.
Have a great day everyone!