Sussex County NJ Real Estate Spotlight
Sussex County, the 576 square mile northernmost county of New Jersey, is said to be strategically located due to its proximity to twenty five percent of the country's population based on borders shared with Pennsylvania to the west and New York to the north and east. The SCEDP (Sussex County Economic Development Partnership) speaks glowingly about this county as a place with “open space, gentle beauty and style of living...” that makes it “...perhaps the most attractive county in all of New Jersey to locate a business and raise a family...”
Such a description would probably be corroborated by the 5,099 new residents, whose move to this county in the ten year period between the two most recent census counts – causing the population to increase from 144,166 (as of 2000 Census) to 149,265 (as of the 2010 Census), a 3.5% growth in population – and are now active participants in the county's economic development goals, abundant outdoor recreation, high quality of life and relaxed country living atmosphere.
Based on recent Trulia statistics for this county, the median sales price for homes from Nov 13 to Feb 14 was $185,000 based on 31 sales, and prices remained unchanged from the same period a year earlier, although the number of sales decreased by 11.4%. However the average price per square foot for homes in Sussex County was $133, a year-over-year increase of 7.3%; and average listing price of homes for sale was $275,394 for the week ending Feb 12, 2014. While the data is mixed, there is little doubt that the community is stable and county officials expressed very positive outlooks for its future.
Part of the optimism mentioned above is used to encourage business owners to relocate or launch a new branch here in the county, and expressions such as this slogan-like language, “Sussex County is a very smart place to grow your business” is enough to take them seriously; but county officials are backing it up with action such as inducements to businesses in the form of Tax Incentives and Tax Credits, Financial Assistance, Workforce Programs and Small Business Resources, which include advice on creating a business plan and referrals on venture capital organizations, some of the first tools that aspirants to small business ownership should have access to.
SCEDP considers small businesses to be the growth engine of Sussex County's economy, and wants to make sure that small business owners know where to turn for information on financing, human resource issues and marketing assistance. So concerted efforts are being made to provide these services because expectations are, with more businesses come increased revenue, an improved real estate market and overall economic growth for Sussex County communities, many of which are identified as Census-Designated Places (CDPs) for statistical purposes.
CDPs are described by the U.S. Census Bureau as “the statistical counterparts of incorporated places, and are delineated to provide data for settled concentrations of population that are identifiable by name but are not legally incorporated under the laws of the state in which they are located.” There are eleven CDPs in Sussex County, some affiliated with townships (or share their names) while others are not, but a closer look at these CDPs may help to develop a better understanding of the county's market place, both real estate and otherwise.
Lake Mohawk, for example, is divided into two CDPs with the larger sub-section having a population of 8,092 and the smaller with a population of 1,824; but when searches were done to determine the kind of real estate activity that existed (and still exists) in the area, one search resulted in absolutely no data at all (No Data for Median Listing Price, No Data for Active Listings, No Data for Median Days on Market, No for Data Distressed Listings), while another showed considerable activity with current list prices ranging from $189,000 for a 3 Bedroom, 2 Bath home to $1,299,000 also for 3 Bedroom, 2 Bath home, but obviously with much more to offer (location?) considering the list price.
Another CDP searched was Glenwood which has a population of 2,751; but while it was not divided, there were a number of properties listed for sale ranging from $99,000 to $450,000 but not as wide a range in home prices as that found in Lake Mohawk. The median sale price of a Lake Mohawk home in 2012 was $319,000 while the median sales price for homes in Glenwood NJ for the Nov 13 to Feb 14 period was $124,500; but this most recent median price figure represents a 49% decrease compared to the prior quarter and a decrease of 52.3% compared to the prior year (11/2012 to 02/2013). In fact, prices have depreciated 39% over the last 5 years.
These variations in the CDPs might explain a little better why “the data is mixed” for Sussex County, despite the positive outlook and sustained efforts of SCEDP and other county officials to promote positive economic growth and attract more businesses. It is a most intriguing region with a lot of history and mystique – a big part of which can be attributed to the CDP areas – that the average individual might find very interesting indeed.
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