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 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 participate in 30% of sales in the Bethany-Fenwick area, representing the buyer, seller or both parties. Properties listed with our group sold faster (14 avg. days-to-contract vs. 31) and our sellers received a higher sale-to-list price when compared to the rest of the market. If you are considering a sale or looking to purchase, please give us a call.
Thank you for your continued trust, we wish you a happy, healthy, and prosperous 2023!
*Data was derived from the Sussex County MLS. Includes properties sold in Fenwick Island, South Bethany, Bethany Beach & North Bethany. May not reflect all activity in the marketplace.