This week the Sussex County Association of Realtors (SCAOR) released data on CoastalPoint.com regarding sales figure from the first quarter of 2011 vs the same time in 2010. The Association noted that 500 homes were sold in the first quarter of this year, which was a 15% increase from the same quarter last year. The median home selling price in Sussex was over $304,000.
Even the commercial market has seen positive signs in 2011. Compared to 2010 there were 3 times as many commercial sales in the first quarter, even with more and more businesses building new structures instead of buying existing spaces. The increase in commercial sales is another sign of a stabilizing market.
SCAOR is certainly encouraged by the recent data and feel that it is a sign of the market’s gaining momentum. The organization mentioned that Sussex County prices and interest rates are are still low enough to find an incredible deal in one of the nicest areas in the country. The organization encourages potential buyers to start shopping around both inland and beach properties if they want to take advantage of the current market conditions.