August Sales Higher in Ocean View, Slow in Bear Trap Dunes

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 contract. Inventory remains at record low levels with just 4 properties for sale.

On a personal note, September is a special month for me. This month marks 34 years since starting a career in real estate at the beach. I am extremely grateful to have earned the trust of so many of you over the years and together with Christi Arndt, Gail Phalen, and the group, we look forward to continuing to offer you a high level of guidance and expertise in real estate well into the future! As always, please call our Bear Trap Expert, Gail Phelan (302) 233-4909 if you are considering a sale or need guidance in this market.

*Data was derived from the Sussex County MLS. Includes properties sold in Bear Trap and Ocean View. May not reflect all activity in the market.