Sussex County Luxury Housing Market Up 48% – Rehoboth Beach Real Estate
Luxury home sales in Southern Delaware made a strong surge in the last half of 2012 according to our local Sussex County MLS. Rehoboth Beach, Dewey Beach, Bethany Beach and Lewes homes priced over $1 million dollars were up 48% compared to the same period in 2011. In 2012, 40 homes were sold in this luxury home price range compared to just 27 homes for the same six month period in 2011.
Inside the Numbers:
The National Association of Realtors (NAR) in last fall’s Existing Home Sales Report revealed that sales of homes over $1 million dollars across the country increased 44.1% over the same period last year. One of the reasons for this increase is that financing in the jumbo mortgage market have been more readily available.
The Wall Street Journal reported that sales of upper-end homes are increasing by a larger percentage than the rest of the housing market. They came to this conclusion by looking at mortgages where the loan was over $1 million dollars . Here is the breakdown:
- Home sales using a jumbo mortgage* had year-over-year growth of 7.9%, compared with 2.7% for non-jumbo sales
- Homes sold in major metro areas with a loan of $1 million or more were up almost 28% compared with the same period last year. Similar sales with loans of less than $1 million rose 8.5%.
With interest rates inching upward, and possibly ending above 4% this year, NOW may be the time if you have been waiting to purchase your dream home. Waiting until the end of the year could cost you thousands of dollars in interest alone. Additionally, more restrictive guidelines are on the horizon for Qualified Mortgages in 2014. So, if you have been on the fence about purchasing your luxury home at the Delaware beaches, 2013 may be the best year to get it done. See all the updated MLS listings for homes priced over $1 million dollars, or visit our Rehoboth Beachteam homepage to enter your own search criteria.
The RE/MAX Beachteam combines over 7 decades of experience in the Lewes, Bethany Beach and Rehoboth Beach real estate markets. We would be happy to schedule a tour of our area, a targeted community or a specific home on your wish list.
Follow the link for the updated MLS listings: