With the close of 2019, we are looking into this new decade with great optimism!
The past year’s Local Real Estate activity and values have been greatly influenced with the opening of Delaware’s newest healthcare facility, Bayheath Sussex Campus.
Not only did that increase the demand for homes for medical staff at various levels relocating to Milford, Delaware, but also made us very attractive to those looking to retire in an area that offers all the medical services they may need as they mature. Another exciting chapter will be the transformation of Milford Memorial into the next community focused venue and all those come here (Milford) in support of that operation.
With growth, also comes business that supports this larger population. We have seen new businesses choose Milford over other cities and I foresee even more patrons from all directions. The City of Milford, Delaware has, some of the highest numbers ever, of building permit applications, which predicts continuing development.
The Chamber Of Commerce For Greater Milford (CCGM) is hosting an Economic Development Task Force, whose purpose is to define the needs, then create and implement an accessible platform to host all the necessary resources small businesses may need, from idea to execution and beyond.
Another factor in measuring our market is, supply. Our current residential inventory is just less than 4 months supply, if no more homes are built and we sell those that are listed. This inventory will grow as builders ramp up their production in the spring, but so will those moving here. We have seen the demand outpacing the inventory for several years now, hence driving prices higher!
Home sales at this time of year, due to holidays and weather, normally cause buyer traffic to wane. Not this year! Buyers are coming and homes, priced right, are selling very quickly!!! This heightened activity has also spurred owners to list, who may have been on the fence about selling their homes. There is no reason to wait and we are often seeing multiple offers resulting in greater than expected outcomes!
Home values in the 19963 area code rose in 2019, an average of 17% over 2018, making it an opportune time for sellers to reap the best home sale proceeds since the mid 2000’s. On the other side of the table, buyers were still able to benefit from the same low interest rates of 3-4%, which we have enjoyed for longer then ever anticipated.
2020 should provide the same or better returns! With Milford growing in both residents and businesses, the sense of community is also growing. Our schools are well equipped, up-to-date, diverse and forward-thinking. Milford remains to be home to generations of Milford High School graduates. We have become an entertainment destination, with events drawing sizable crowds to outside concerts and festivals, 5K events to run, walk or bike, service clubs – offering many volunteer opportunities, restaurants with a variety of food and drink and a great Artisan community offering vast mediums to study or explore!
Milford remains an attractive community with something and somewhere for everyone! I am happy to be instrumental in making it home!
~ Joanne Milton