My apologies for the lateness of this postcard. I have been incredibly busy over the past six weeks. The combination of many new listings and working on 50% of the new single family contracts in March meant something had to give.
March numbers showed the same trends of the past six months – weaker single family contracts compared to a year earlier (8 vs 14) but stronger condo townhomes (19 vs 11). Through April 18, however, both single family and condo/townhomes match last year’s numbers of 8 and 6.
There is a whole different tone to this market, for the better. Previously, many of the potential buyers I met with came to test the market. Some would buy but many held off. Today what I see are buyers intent on buying and higher percentages are doing so. Another important change is the inventory level. Overall inventory is down compared to a year ago, especially in Bethany and Fenwick Island. Between 1/15 and 4/15, new listings in our market were down 35% compared to a year ago.
More significantly, "value inventory" – attractive, well priced homes – is especially light. In time, that supply and demand dynamic results in selective price increases
Written by Leslie Kopp April 18, 2011
The data covers Bethany Beach, South Bethany, Fenwick Island & North Bethany