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3rd Quarter 2013 Data Compiled by SCOAR

As it has been for more than two years now, quarterly data compiled by this Association and released to the media last week shows that our real estate market here in Sussex County is continuing to gain strength and momentum, as we begin to look toward 2014.

As mentioned above, third quarter data compiled by the Sussex County Association of REALTORS shows a local real estate market that is still gaining momentum, even after two years of solid gains. Now closing in on $900 million in sales for 2013, real estate in southern Delaware is leading the economic recovery in the state, just as it did in years past. Information contained in this report was also released to the media last week, so the public can remain informed about the market and what it means to the broader economy in Sussex County and throughout Delaware.

Home Sales Are On The Rise!

Single Family: The total number of closed listings as of Sept. 30, 2013, was 2,885 homes totaling $856,333,461 in sales. The average sell price of a single family home was $296,823. Three bedroom home sales accounted for the largest segment with 1,668 sales compared to 471 two bedroom and 746 four bedroom homes. The average sell price for a two bedroom home is $183,950; a three bedroom home is $242,202 and four bedroom home is $490,035.

The single family home sales show an improvement from the same time period in 2012. Last year, 2,481 homes were sold for an average sale price of $281,499 with total sales of $ 698,399,747. This is the third consecutive year that Sussex County has seen a trending up in the number of sales. Equally important, the average sale in each category of single-family homes increased from the same time period last year.

The sales data demonstrates sustained growth and a 14 percent growth in single-family sales from 2012. The total sales in Sussex County indicate a 5 percent increase in the average home sale. Two bedroom home sales realized the most improvement with a 12 percent increase from 2012.

Condo and Townhouse: The total number of closed listings as of Sept. 30, 2013 was 721 units totaling $213,722,013 in sales. The average sell price of a unit was $296,424. Compared to 2012, this market has shown improvement, as far as the number of its sold, but at a lower average sales price. Last year at this time, the sales were $180,519,339 and the average sales price was $297,887.

Mobile Homes: The total number of closed listings as of Sept. 30, 2013 was 284 units totaling $15,681,900 in sales. The average mobile is selling for $55,218.

Lots and Land: The total number of closed listings as of Sept. 30, 2013 indicates 369 parcels totaling $52,665,850 in sales have occurred. The average selling price per parcel was $142,726. Lots and Land have increased in the number of parcels sold from 2012 by 4 percent; however, the average sales price has declined 26 percent from this time in 2012.

Commercial: The total number of closes listings as of Sept. 30, 2013 indicates 42 units sold totaling $17,069,650 in sales. The average transaction was $406,420, which is roughly a 4 percent improvement from last year.