by Leslie Kopp
on Wednesday, February 7th, 2018 at 11:14am.
We are often asked whether it is a buyer’s market or a seller’s market at the beach. Knowing the Months of Inventory available helps to determine the type of market. Absorption rates tell us how many months it will take to sell all existing homes for sale at the current pace of sales. Generally, 7 months of inventory is a neutral market, more is a buyer’s market, less is a seller’s market.
The areas of South Bethany (4 months) and Bethany Beach (6 months) are both a seller’s market for single family homes. North Bethany and Fenwick Island are technically in a buyer’s market with 12 months of inventory. However, several properties recently listed for sale went under contract within a few days and some homes received multiple offers very quickly. This is much more characteristic of a seller’s market...the numbers do not always tell the whole story!
The condo/townhome market at the beach is also characteristic of a seller’s market in most situations. For example, absorption rates today are as low as we have experienced in many years in Sea Colony.
If you are considering buying or selling at the beach, it is important to have an agent actively working with you in this type of a market. Please give us a call to discuss your situation, we would love to help you: 302-541-5207.