Just in time for the holiday season is great financial news for our community of Fenwick Island and nearby towns – there could potentially be a substantial budget surplus for Sussex County, according to a recently released financial report.
And just how substantial could the surplus be? The report indicates a $2 million surplus, but final figures will most likely be released in January, after the audit is completed this month.
The possible surplus is driven by two main factors: an increase in new development construction, and the continued improvement of the local real estate market. A budget surplus is great news for everyone in the county, but for new home construction communities such as Bayside, we’re particularly pleased that new construction and the improving housing market are the main factors influencing this potential surplus.
Continuing new development in the area has led to building and construction revenue being 45% more than what was expected in the county budget. As of November, there was a 33% increase in dwelling permits compared to the same time in 2012 – another sign that development has been increasing.
Sussex County’s real estate market has continued to improve as well, especially during the third quarter of 2013. The following are key improvements in the county’s real estate market in the third quarter:
- All segments of the housing market showed growth.
- The median price for an average three-bedroom home in Sussex County was $248,008.
- Single-family home sales were 21% higher than the same time period in 2012.
- Sussex County homes were sold at a 14% higher price than during the third quarter of 2012.
Both new construction and real estate trends can have considerable impact on the local economy, and in this case, that impact is in the form of a potentially substantial budget surplus. This wouldn’t be the first time for a budget surplus in Sussex County – there was a budget surplus of $854,029 from fiscal year 2012. With this money, the county awarded grants to local libraries and helped to pay for additional state troopers.
The recently impressive local economy is only one of the reasons that Sussex County is a great place to live or buy a vacation home – the beautiful Delaware beaches and tax-free shopping being a few of the other benefits. Though there are a lot of options for homebuyers looking in Delaware’s largest county, our community of Bayside in Fenwick Island offers residents the best that Delaware beach living has to offer. No matter what your interests are, Bayside has the amenities to keep you content as you enjoy all the benefits of being a Sussex County resident.
SOURCES: Sussex County Post, wdde.org, Sussex County Association of Realtors