Delaware Beach Real Estate Blog - Ocean View & Bear Trap Dunes Real Estate Blog

Beach Property Values Continue to Rise in Bear Trap Dunes

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.

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Beach Property Values Continue to Rise in Ocean View Area

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.

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Bear Trap Dunes Natural Gas Conversion To Be Completed Soon

The Natural Gas Conversion in the amenity-rich community of The Bear Trap Dunes is underway and moving swiftly towards final completion.   Powered by Chesapeake Utilities, section 5 of the golf community will be finalized shortly, while a total of 475 homes have already been successfully converted to Natural Gas.  Section 6, the next and last phase, is set to begin next Monday, June 19th.  The Bear Trap Dunes natural gas conversion should be fully completed by the middle of summer.

According to representatives of Chesapeake, "Beebe Healthcare's South Coastal Emergency Department and Cancer Center have had natural gas service since 2019," before the facility have even opened.  Thanks to Beebe and state funding, Chesapeake was able to expand to the…

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Market Still Strong in Ocean View and Bear Trap Heading into Summer

Happy Spring! As we look back on the first 4 months of the year, there was certainly some slowing in real estate sales in Ocean View and more specifically, Bear Trap Dunes, when compared to 2022. However, the good news for property owners is that there is currently a high level of activity ahead of the upcoming summer season.

As the chart illustrates, the median price is down some when compared to the same time period last year, but this is more a reflection of property locations, size and condition versus the market a whole. In fact, the median sale price in Ocean View is up 5% year-over-year. While inventory is on the rise with 4 properties for sale, it is still far below pre-pandemic levels when it was common to have between 12 and 15 properties…

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Market Still Strong in Ocean View Heading into Summer

Happy Spring! As we look back on the first 4 months of the year, there was certainly some slowing in real estate sales in Ocean View 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 when compared to the same time period last year and while inventory has nearly doubled with 69 properties for sale, it is still far below pre-pandemic levels when it was common to have more than 200 properties available for sale in Ocean View. 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 always, if we can offer you…

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Market Conditions Remain Strong for Bear Trap Dunes Sellers in Q1

During the first quarter of the year, we continued to experience high buyer demand as we navigate historically low inventory.

As the chart illustrates, total sales were down 9% when compared to the first quarter of last year while sales volume was down 17%. The chart shows some slowing in the pace of sales with the average days-to-contract at 54 days. However, there was a noticeable increase in the pace of sales during the month of March as 4 properties went under contract in Bear Trap and the average days-to-contract was 17 days. 

If you are considering a sale or purchase, our Bear Trap Expert, Gail Phelan, has experience and market knowledge that is unmatched.   Please give her a call (302) 541-5207.

*Data was derived from the Sussex…

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Market Conditions Remain Strong for Ocean View Sellers in Q1

During the first quarter of the year, we continued to experience high buyer demand as we navigate historically low inventory.

As the chart illustrates, total sales are down 30% when compared to last year while sales volume is down 26%. The chart shows some slowing in the pace of sales with the average days-to-contract at about 2 months, however, there was a noticeable increase in the pace of sales during the month of March. Property values were up 4% through the first quarter when compared to last year with the median sale price at $533K vs. $509K in 2022.

If you are considering a sale or purchase, our experience and market knowledge is unmatched. Please give us a call (302) 541-5207.

*Data was derived from the Sussex County MLS. Includes…

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Still Seller's Market in Bear Trap, Trend Changes Direction

As we head into what is typically a strong selling season for beach property, this is a time 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 determine how many Months Supply of Inventory is for sale. Generally, a balanced market would have between 6 to 7 months of inventory. At this time, Bear Trap Dunes and Ocean View both have less than 3 months of inventory. We are clearly still in a strong seller’s market due to inventory shortages, but as the chart illustrates, the trend has changed direction when compared to the same time last year.

This shift is a good representation of what we are currently experiencing in…

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Still Seller's Market in Ocean View, Trend Changes Direction

As we head into what is typically a strong selling season for beach property, this is a time 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 determine how many Months Supply of Inventory is for sale.  Generally, a balanced market would have between 6 to 7 months of inventory. At this time, Ocean View and Bethany Beach both have less than 3 months of inventory. We are clearly still in a strong seller’s market due to inventory shortages, but as the chart illustrates, the trend has changed direction when compared to the same time last year.

This shift is a good representation of what we are currently experiencing in…

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Bear Trap Dunes Real Estate Market Remains Firm

Happy New Year! As we reflect on 2022, you might recall that the surge in real estate activity we felt in 2020 and 2021 carried into the first quarter of 2022 and then slowed in the second quarter. There was moderate activity in the second half of the year. However, rising interest rates coupled with the continuation of extremely low inventory contributed to a slowdown in both sales and appreciation later in the year.  While there is still plenty of uncertainty about what the state of the economy means for real estate in the short term, we are enthusiastic about the year ahead.

In 2022, we were fortunate to have represented more buyers and sellers in Ocean View than any other agent or group.   If you are considering a purchase or sale, it is never…

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