We are now into the month of March and are looking forward to the longer, light filled days ahead! Looking back on the first two months of 2022, real estate activity was extremely competitive with the continuation of deficient inventory and we experienced multiple offers in many situations. We have said this many times before: it is hard to predict how long this environment will last!
As the chart illustrates, total sales in Sea Colony were down 45% when compared to the same time last year as inventory remains at record lows—there are currently no properties for sale in Sea Colony! Sales volume in dollars (based on list price) was up 4% as 8 of the 11 sales were on the East. Properties continued to sell very quickly. In fact, 9 of the 11 units that went under contract this year did so in less than a week and the average sale price for properties settled in January and February was up 39% when compared to the same months in 2021.
Spring is upon us and right now is an opportune time to list your property or begin your search for a new home. Please give Sea Colony Specialist, Gail Phelan (302) 233-4909 a call to strategize about how to maximize your results in 2022.