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Today, in our ongoing series about local real estate markets, we’ll take a look at home sales and trends in the Delaware real estate market.
The Cape Gazette looks at the inventory in the Delaware beach markets:
It is the season of market speculation. As industry analysts review 2012 trends and forecast 2013 sales, it is time for us to consider how Delaware’s beach real estate market fits in. Fiscal cliffs and sequestration are definitely kicking up the uncertainty. But here we are – beach locals on our own “cliff”- on the edge of winter and spring. Excitement is building for local businesses (including real estate offices), as well as for home sellers. To get ready for spring, I am looking at several main factors: low housing inventory and local new construction trends.
Locally, inventory is low, mirroring national numbers:
Our local market definitely supports this low inventory situation. NAR’s chief economist, Lawrence Yun, explains, “Buyer traffic is continuing to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly – we have transitioned into a seller’s market in much of the country.” He further notes that we are experiencing the strongest price growth in more than seven years.
The Cape Gazette also reports on the Southern Delaware real estate market:
The Sussex County Association of Realtors released first-quarter sales numbers last week that show a continuously strengthening real estate market in Delaware’s southernmost county. Stronger than even 2012, the data is the latest in a series of reports issued by the county’s real estate trade association. While positive housing trends in Sussex County had been fueled in past quarters by larger-than-normal inventories, incredible buying opportunities and record low interest rates, strong data early in 2013 seems to be due to an overall strengthening of the broader economy.