Sussex County real estate sales up
Sussex County real estate market had another year of modest growth thanks to its vibrant coastal market, according to year-end figures from the Sussex County Association of Realtors.
Nearly $1.52 billion worth of southern Delaware real estate changed hands in 2015, a 1 percent increase over 2014. More than 5,000 properties were sold during the calendar year, also a 1 percent gain from 2014.
Single-family home sales, excluding condominiums and mobile homes, were up 6 percent over 2014 figures.
“We’re continuing on this path of modest growth, and that’s really what we want to see here in southern Delaware year after year,” said county real estate association president Frank Serio. “We are fortunate to be buoyed by a strong coastal market, but overall the county is performing very well, as indicated by the fifth year in a row of positive data.”
Single-family home sales for 2015 accounted for more than $1 billion, with the average residential home in the county selling for a price of $359,395.
In total, 2,921 single-family homes were sold in Sussex County in 2015, with residential homes remaining on the market for an average of 86 days before sale.
“All in all, the data here is very positive and, most importantly, the rate of growth is slow and steady,” Serio said. “We may have had better overall years in the last decade but, as we later found out, it wasn’t sustainable. This steady rate of growth leads to a much healthier overall real estate market in Sussex County.”
More than 5,000 real estate transactions were completed in Sussex County during the last calendar year — including single-family homes as well as more than $307 million in townhouse and condominium sales, nearly $23 million in mobile home sales and more than $105 million in sales of lots and land.
There were also 12 farms that were sold last year, with the average farm selling for approximately $475 million.
Commercial real estate showed big gains in 2015, with nearly $34 million in commercial sales. A total of 64 commercial properties changed hands.
The data released by SCAOR is compiled from the Association’s Multiple Listing Service , which tracks all data regarding real estate transactions in Sussex County.