As we look back at the first 3 quarters of 2023 compared to recent years, the Ocean View real estate market remained firm, even as interest rates rose to levels that we have not experienced in more than 20 years.

The continuation of inventory shortages coupled with pent up buyer demand has kept values stable. Inventory of properties for sale in Ocean View was flat on October 1 when compared to the same day in 2022.

If you are exploring your options as a buyer or seller of Ocean View real estate, we always welcome a conversation. Please message us on the website or give us a call at our real estate office in Ocean View: 302-541-5207.

As we look back at the first 3 quarters of 2023 compared to recent years, the Bear Trap real estate market slowed considerably. Even as interest rates rose to levels that we have not experienced in more than 20 years, the primary factor that contributed to the slowdown was the continuation of inventory shortages.

Last Fall, we experienced a slight uptick in inventory, but as the chart illustrates, that has not been the case so far this year. Inventory in Bear Trap was down 40% on October 1 of 2023 when compared to the same day in 2022.

History tells us that real estate as a long term investment is very strong and the ability to have immediate use and enjoyment of a home asset is something that we hear often from buyers, especially in today’s

For a number of months, we have been reporting that sales are down when compared to the same month last year and while August sales were down again in Bear Trap (4 vs. 7), this trend broke for Ocean View as well as the surrounding beach markets as a whole. During the month of August, 25 properties went under contract in Ocean View vs. 20 in 2022. Meanwhile, inventory remained stable. We don’t know how long this little flurry of activity will last, but it feels as though buyers are motivated to move on the right property.

As the chart illustrates, total sales year-to-date in Bear Trap Dunes are down 34% while the median salesprice is down 7%. Properties tend to sell in just under a month with 24 days being the median amount of time to go
under

For a number of months, we have been reporting that sales are down when compared to the same month last year. This trend broke in August!   During the month, 25 properties went under contract vs. 20 in August of 2022. Meanwhile, inventory has remained relatively stable with 77 properties for sale versus 73 at this same time last year. We don’t know how long this little flurry of activity will last, but it feels as though buyers are tired of waiting for better buying conditions and they are motivated to move on the right property.

As the chart illustrates, total sales year-to-date in Ocean View are down 12% while the median sales price is down 2%. Properties tend to sell in just under a month with 25 days being the median amount of time to go under

It is hard to believe that Labor Day weekend is right around the corner, we hope you are having a wonderful summer! While total real estate sales are down 28% year-to-date in Bear Trap, the market remains very strong.

It has been more than a year since the “buyer frenzy” we experienced in 2020 through early 2022, but it remains a strong time to be a seller with minimal competition.

As always, if we can offer you any real estate guidance, please call our Bear Trap Expert:
Gail Phelan: 302-233-4909

Data was derived from the Sussex County MLS. Includes Single Family and Condo/Townhome properties in Bear Trap Dunes. May not reflect all market activity .

It is hard to believe that Labor Day weekend is right around the corner, we hope you are having a wonderful summer! While total real estate sales are down 14% year-to-date in Ocean View, the market remains very strong.

It has been more than a year since the “buyer frenzy” we experienced in 2020 through early 2022, but it remains a strong time to be a seller with minimal competition.

As always, if we can offer you any real estate guidance during this time, please give us a call:
302-541-5207.

Data was derived from the Sussex County MLS. Includes Single Family and Condo/Townhome properties in Ocean View. May not reflect all market activity.

This is the time of year when we like to calculate absorption rates in order to understand whether we are trending in the direction of a buyer’s or seller’s market. We compare the pace of sales over the previous 12 months to determine how many Months Supply of Inventory is for sale.   Generally, a balanced market would have 7 months of inventory, more would be a buyer’s market and less a seller’s market. At this time last year, there was less than 1 month of inventory for both single family and condo/townhome property types in Bear Trap.   We continue to stay under a balanced market due to deficient inventory.

If you would like to discuss the market in more detail, please call our Bear Trap Specialist Gail Phelan (302) 233-4909.

This is the time of year when we like to calculate absorption rates in order to understand whether we are trending in the direction of a buyer’s or seller’s market. We compare the pace of sales over the previous 12 months to determine how many Months Supply of Inventory is for sale.

Generally, a balanced market would have 7 months of inventory, more would be a buyer’s market and less a seller’s market. At this time last year, there was less than 2 months of inventory for both Single Family homes and Condo/Townhomes, but clearly the market was starting to shift direction. We continue to stay well under a balanced market due to extremely deficient inventory. 

If you would like to discuss the market in more detail, please give us a call: (302)

The summer season is upon us and we have enjoyed seeing so many of you enjoying the beach over the last few weeks! During the month of May, just 1 property went under contract in Bear Trap. This compares to 2 at the same time last year and 3 in May of 2021.  Extremely low inventory has kept values stabilized.  If you have any questions about the market in general or a specific property, please call our Bear Trap expert, Gail Phelan (302) 233-4909

Data was derived from the Sussex County MLS.  Includes residential properties sold in Bear Trap Dunes.  May not reflect all activity in the marketplace.

The summer season is upon us and we have enjoyed seeing so many of you enjoying the beach over the last few weeks! During the month of May, 30 properties went under contract in Ocean View. This compares to 17 at the same time last year and 49 in May of 2021. Extremely low inventory has kept values stabilized.  If you have any questions about the market in general or a specific property, please give us a call. (302) 541-5207

Data was derived from the Sussex County MLS.  Includes residential properties sold in Ocean View.  May not reflect all activity in the marketplace.