2005 still looms as a high-water mark for the coastal real estate market, but the home-sales tide continues to rise
From the October 2017 issue
Ask most any real estate professional in coastal Sussex and they’ll tell you that 2017 is looking a lot like 2005 — which was, as Frank Sinatra used to croon, “a very good year.”
Those with good memories, or with access to Multilist real estate data, know that 2005 was a record-setter for the 10 ZIP codes that make up the coastal Sussex area. In that year, 1,821 single-family homes were sold at an average price of $556,294, and they sold quickly.
For the first half of this year, single-family homes in the region are selling faster than at any time since 2005 and sales volume is on pace to top the 1,917 homes sold in 2015 and 1,908 homes sold last year.
But as volume and velocity ride the crest of the sales wave, the third V of the real estate equation — value — is lagging a bit behind when compared to 12 years ago. The average single-family-home selling price for the first half of the year was $489,468, an almost 9 percent increase over last year’s average, but that’s still 13 percent below the 2005 January-through-June average — without taking inflation into account, which would make the gap even greater.
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