Fenwick Island Real Estate Blog

Wayne, a 5th generation Fenwick Islander, has been selling in our beach market for over 15 years. He joined The Leslie Kopp Group in July of 2011 after having sold more than 500 homes and exceeding $100 million in sales.  Wayne is a consistent top performer just behind Leslie at Long and Foster.  Leslie and Wayne work closely to monitor and report important news about trends in Fenwick Island Real Estate. 

Found 47 blog entries about Fenwick Island Real Estate Blog.

/Delaware Beach Property Values on the Rise

One year ago, we communicated to you that after nearly 5 years of price stability, we were beginning to see property values on the rise. As the graph illustrates, there is no question that prices continue to climb. The median sale price of single family homes and condo/townhomes sold through May of this year is up a significant 8% when compared to 2017. 

While values as a whole are still more than 20% lower than 2006 when prices peaked, the appreciation that the market has experienced over the last 12 months is significant! Please let us know if you are considering buying or selling at the beach.  We would love the opportunity to speak with you. 

Leslie  

 

*Data was derived from the Sussex County MLS. Includes new contracts on properties

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Bethany Beach Real Estate Statistics First Quarter 2018

While the winter weather was not ideal to encourage buyers to visit during the first quarter of 2018, the overall beach real estate market was strong. In fact, conditions are more favorable today than they have been in over a decade from North Bethany to Fenwick Island.

Total sales, prices and the pace of sales are all trending in a positive direction. For more than a year, we have been communicating to you that the combination of high buyer activity and shrinking inventory would lead to the rising prices that we are experiencing today. In fact, median sale prices are up between 3% and 6%, depending on the property type and location when compared to 2017.      

It’s never too early to begin strategizing! Please give us a call to discuss how to

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 Bethany - Fenwick Island Real Estate

Real Estate Fenwick Island March 2018 Stats

One year ago, we reported to you that January and February market activity was the strongest that we had experienced in more than a decade. The start to 2018 has been even more impressive for the market as a whole. The number of properties that went under contract during the first two months from North Bethany to Fenwick Island was up 22% year-over-year !

Sales volume in dollars is up by less because the majority of the increase is attributed to condo/townhome activity (39 vs 24 new contracts). Single family home sales softened some due to the continuation of limited inventory (28 vs 34).

South Bethany sales are down slightly (4 vs 5) which is due to very low inventory while Fenwick Island sales (5 vs 6)

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bethany beach real estate absorption rates

 

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

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Fenwick Island Real Estate Report 2017

After significant strengthening from 2015 to 2016, the Fenwick Island market remained robust in 2017. Activity was on pace to end the year with even more impressive numbers but the uncertainty of impending tax reform and limited inventory in many areas contributed to a temporary slow down late in the year. We are pleased that the final tax bill is significantly better for homeowners than early versions.

We are grateful to have participated in more Bethany-Fenwick real estate transactions than any other agent or group in 2017 and we are overwhelmed with gratitude for your continued confidence in us!

Click here to search all Fenwick Island Real Estate for sale.

Leslie Kopp
(302) 541-5207

 

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Year-to-date, 2017 has been exceptional for property owners! As the snapshot below illustrates, the Bethany Beach and Fenwick Island market is trending in a favorable direction when compared to the first 10 months of 2016 for 5 major market indicators.

Bethany Beach Real Estate Sales Statistics November 2017


We did experience some slowdown in sales at the beach in late September that continued into October for both single family and condo/townhomes. Limited inventory is a big contributing factor. Additionally, the impending tax reform could have some buyers on pause until there is less uncertainty surrounding our future tax structure. We will know more in the coming months, but this is something to watch.

We would like to wish you and your loved ones a safe and joyful Thanksgiving!

Leslie Kopp

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Our favorite time of year is upon us! Warm ocean breezes and light traffic make for ideal Autumn conditions at the beach. We hope you are able to enjoy some quality time on the Delaware Coast in the coming weeks.

Early in 2017, we communicated to you that real estate sales were at levels we had not experienced in the last 10 years and all signs pointed to the continuation of a strengthening market. Now that the busy summer season has ended, we can report with confidence that this trend has endured.
Bethany Beach Real Estate Sales Up


In fact, there were year-over-year gains in new contracts for 11 of the last 12 months. This is the longest period of positive upward movement that we have experienced in more than a decade. In the Bethany-Fenwick area, 48 properties sold in the month of

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We are more than half way through the year and overall real estate conditions continue to trend in a positive direction for property owners at the beach. Buyer activity remains strong and sales continue to outpace new listings.

Fenwick Island Real Estate 2017
As the year-to-date chart illustrates, 12 single family home sales from January through July matched activity in 2016 while sales volume in dollars is up 22%. Meanwhile, condo/townhome sales through July have doubled compared to last year ! There are currently 44 properties for sale in Fenwick Island versus 60 during this same time in 2016.

Importantly, while $1 million+ sales are relatively flat in Fenwick, there has been a significant rise in neighboring Bethany Beach with 20 properties valued at over $1 Million going under

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Inventory levels at the beach are as low as we have experienced in many years. In the Bethany Beach and Fenwick Island area, the number of single family homes and condo/townhomes currently for sale are down 30% and 18% respectively when compared to July of 2016.

If you follow our blog, you might recall that this is the time of year when we like to look at absorption rates. This statistic compares the pace of sales (which has remained strong) with inventory levels to tell us whether we are trending in the direction of a buyer’s or seller’s market. Generally speaking, 7 months of inventory or less is considered a seller’s market.

Bethany Beach Real Estate Inventory 2017

The graph clearly indicates that we are approaching a seller’s market. Aside from a small rise in South Bethany, where

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For much of 2017, we have been communicating to you that the beach real estate market is strong. After many years of price stability, all indications tell us that values are now on the rise.

Beach Property Values on the Rise


Low inventory levels coupled with high buyer activity continues to put upward pressure on prices for much of the market. The median sale price of single family homes and condo/townhomes in 2017 are up 10% and 13% respectively when compared to 2016. While values are still far from the market’s peak in 2006, this recent upward movement is significant. 

Take a look at all property currently for sale at the beach: Click Here !

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