March has arrived and we are looking forward to longer light filled days ahead! Sea Colony has had a good start to the year for real estate activity. While it is not the frenzy that we experienced in 2021 and 2022, to-date, sales are up considerably when compared to last year.

As the chart illustrates, through the first two months, new contracts doubled when compared to the same time last year. Inventory is slowly rising, but remains at historical lows. Sales volume in dollars (based on list price) was up 117%.   Properties that are priced appropriately continue to sell very quickly and the median sale price of properties settled in January and February was up 4% when compared to the same months in 2023.

If you are considering buying or selling,

We are just one month into the year and so far, we are experiencing good buyer activity at the beach! In January, 6 properties went under contract in Sea Colony. This is up 100%, compared to 3 properties under contract during the same month last year, even as we continue to have very little inventory.  

During this time of the year, we like to calculate absorption rates to determine 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 calculate how many Months Supply of Inventory is for sale. Generally, a balanced market would have between 6 to 7 months of inventory.  

While there has been some growth in inventory on the East, we remain in a Seller’s Market at Sea

Happy New Year!  We hope you and your family had a safe and healthy holiday season.  As we look back on the 2023 beach real estate market, you might recall that the first few months were much slower when compared to 2021 and 2022. Inventory shortages continued to play a role in the slow down and interest rates rose to their highest level in more than 20 years. Sales picked up some in August and the positive momentum carried through the end of the year.  

In December, there was good news for the real estate market when the Federal Reserve held their key interest rate steady for the third time and suggested that there could be rate cuts in 2024. This news has us optimistic about the year ahead for Sea Colony Real Estate!  If we can be of assistance,

As we look back at the first 3 quarters of 2023 compared to recent years, the Sea Colony real estate market slowed considerably. Even as interest rates rose to levels that we have not experienced in more than 20 years, we continue to have a shortage of inventory.

Last Fall, we experienced an uptick in inventory, but as the chart illustrates, that has not been the case so far this year.  Inventory in Sea Colony was down 21% 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 second home asset is something that we hear often from buyers, especially in today’s environment.  If you are exploring your options as

For many months, we have been reporting that sales are down when compared to the same time period last year. This trend finally broke in August!   During the month, 10 properties went under contract in Sea Colony vs. 8 in August of 2022. Meanwhile, inventory is still deficient with only 8 properties for sale, the same as last year.

As the chart illustrates, total sales in Sea Colony market are down year-to-date for both the East and West while the median salesprice is up 5% and 8%, respectively. Properties tend to sell in just under 2 weeks with 12 days being the median amount of time to go under contract. We don’t know how long this flurry of activity will last, but it feels as though buyers are motivated to move on the right property.

On a

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 33% year-to-date in Sea Colony, 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. So far this year, our group has participated in more than 30% of property sales in Sea Colony.

As always, if we can offer you any real estate guidance, please call our Sea Colony Experts:
Gail Phelan: 302-233-4909  Chris Housman: 302-853-0192.

Data was derived from the Sussex County MLS. Includes properties in Sea Colony. May not reflect all activity in the

This is the time of year when we calculate absorption rates in order to understand whether we are trending in the direction of a buyer’s or seller’s market at the beach. 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, both Sea Colony East and West both only had 1 month of inventory, but clearly the market had started to shift direction. We continue to stay well under a balanced market due to extremely deficient inventory and it remains an excellent time to be a Seller!

If you would like to discuss the market in more detail, please

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, 4 properties went under contract in Sea Colony. This compares to 7 at the same time last year and 12 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.
Gail Phelan (302) 233-4909      Chris housman (302) 853-0192

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

Happy Spring! As we look back on the first 4 months of the year, there was certainly some slowing in sales in Sea Colony (specifically on the East) when compared to 2022. However, the good news is that there is currently a high level of activity ahead of the upcoming summer season.

As the chart illustrates, values are up on both the East and West when compared to the same time period last year. While inventory has risen slightly with 9 properties for sale, it is still far below pre-pandemic levels when it was common to have 60 to 70 properties available for sale in Sea Colony. During the month of April, we listed a number of homes that went under contract within just a few short days and the majority of these listing had multiple offers.   

As

During the first quarter of the year, we continued to experience a strong Seller’s market in Sea Colony as buyer demand remained high and we continued to navigate low inventory.

As the chart illustrates, total sales were down 7% when compared to last year while sales volume was down 23%. The chart shows some slowing in the pace of sales with the average days-to-contract at 24, however, there was a noticeable increase in the pace of sales during the month of March. Property values were up when compared to last year with the median sale price on the East at $1,160,000 vs. $884,000 in 2022 and on the West $587,500 vs $545,000.

We had the fortunate opportunity to participate in 36% of the property sales in Sea Colony during the first quarter,