Summer of 2012 has brought sustained sales momentum to the Delaware residential housing market, including Delaware beach homes, Delaware golf communities, and Delaware resort communities. The upward swing of real estate activity in Sussex County especially, has continued to keep buyer interest high as well as reinforcing hope for those considering new homes for sale that the worst might finally be over and that a housing recovery is beginning to take hold. With the inventory of Delaware homes for sale falling, the state will most likely start to see a rise in home prices along with a modest appreciation in home values for 2012.
In July, the number of new and existing homes that sold in Sussex County rose 14.8% in a year-over-year comparison, which followed impressive numbers in June, when total home sales were up a whopping 50.3% in Sussex, according to the Sussex County Association of Realtors and Trend MLS. Trina Joyner, President of the Sussex County Association of Realtors, said that she has seen an increase in activity in the $200,000-$300,000 price range of the market as well as an increase in new construction and housing starts. “Buyer interest is definitely still up,” she said.
Delaware’s real estate market as a whole continues to show signs of gaining strength as more and more potential buyers looking at new Delaware homes for sale are feeling optimistic about the future. Certain conditions, such as Delaware’s low taxes along with record-low mortgage rates, are allowing buyers are taking advantage of the current market and purchase now. As home sales continue to increase, so does the demand, and with demand comes higher home prices. The trends seen in the Delaware housing market over the past few months give strong indications that the state is well on its way to a growing real estate market as well as appreciating home values in months to come.
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