Perhaps not news to the many people who call the areas around Bethany Beach home, it is the most expensive housing market in Delaware, where the average four-bedroom, two-bath home has a listing price of $865,765, according to a recent home listing report produced by Coldwell Banker Real Estate LLC.
The report found a difference of more than $660,000 between the most expensive Coldwell Banker median listing price (located in Bethany Beach) and the most affordable median listings in the state (Laurel). They also state that “compared to the national average of $293,251, the average four-bedroom, two-bath home in Delaware was $368,934.”
Sandy Greene, president of the Sussex County Association of Realtors and associate broker for ResortQuest, said she is not that surprised with the report's findings.
“In North Bethany, you have a home that sold for just under $5 million, but then you have a half-dozen or so in the Villas of Bethany West in the upper twos and threes [hundred thousand dollars]. One big one will skew everything.”
She said that, while she doesn't question the accuracy of the numbers produced by the report, many things have to be taken into consideration.
“I'm not sure where they got the data, but if it were compiled through the MLS, new construction would not be on there,” she said.
According to Coldwell Banker, The Home Listing Report (HLR) serves as a snapshot of local real estate markets across the country. It provides the average listing prices for four-bedroom, two-bathroom homes in more than 2,300 North American markets that appeared on coldwellbanker.com between September 2010 and March 2011.
It seems regardless of whether it's the East or West Coast, the ocean is a big pull price-wise.
For the second year in a row, Newport Beach, Calif., led the list of most expensive U.S. real estate markets, with an average home listing price of approximately $2.5 million for property listings meeting the subject home criteria.
“It's probably pretty close to accurate,” said Greene of the Coldwell Banker home listing report, “but one skinny strip of land that generates big numbers… it's gonna skew it.”
For more national statistics from the report, visit http://hlr.coldwellbanker.com/PressRelease.aspx online.