October 2012 Real Estate Market Watch
Sales of homes in Sussex County, Delaware continue to outpace the previous year. Compared to the same timeframe last year, home sales are up by 29% county-wide. All areas of the county have shown an increase in sales as compared to last year. The average price and median price are still down, but by a much smaller margin. Based on homes sold, the average price for a single-family home in Sussex County is $320,912, a 10% decrease as compared to last year's $355,507. The median price is $240,000, a 2% decrease as compared to last year's $244,900. The current inventory of single-family homes at the end of October was 2,502, a 4% decrease from the active inventory at the end of September.
The trend that continues is the sales of lower priced homes throughout the county, which contributes to the decreases in average and median prices. This does not mean that prices are actually decreasing, but there are many more sales of lower-priced homes. For example, of the 1,814 homes sold, 907 of them were at or below $240,000. Which means that 907 homes sold above this price, which could be anywhere from $245,000 into the millions.
For detailed statistics on specific areas of Sussex County, please CLICK HERE to read the Market Watch newsletter. All statistics were compiled from the Sussex County Association of REALTORS' Multiple Listing Service.