That's a pretty broad question. The best way to analyze real estate prices in a given area is to look at closed sales in a particular neighborhood during a period of time and then compare them to the same period in the last year. To compare sales in February to sales in June is a bit like apples and oranges. In Lewes a. for example, are we talking about the Historic District, Lewes Beach or newer communities like Covey Creek or Nassau Station?
I can tell you in general that Single Family Homes in Sussex County sold for about 92.2% of listing price in June 2009; in January 2010, the average sale price was 94.4% of list price. In Lewes, East of Rt. 1 homes sold in June 2009 for an average 92% of listing price; in Rehoboth Beach the average was just under 90%. What will it be this year? I don't believe February is a good comparison, especially with the snow.
It can be confusing, but I would be happy to sit down with you and help you understand where the market is right now.
RE/MAX Realty Group