Market Conditions Remain Strong for Bethany-Fenwick Sellers in Q1

Posted by Leslie Kopp & Christi Arndt on Thursday, April 6th, 2023 at 2:11pm

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

As the chart illustrates, total sales were down 41% when compared to last year while sales volume was down 48%. The chart shows some slowing in the pace of sales with the average days-to-contract at 42.  However, there was a noticeable increase in the pace of sales during the month of March. Property values are up 2% when compared to last year as the median sale price to-date is $870K vs. $850K in 2022. The upcoming summer season is a strong motivating factor for buyers to be more aggressive this time of the year and multiple offers are once again more common.     

We had the fortunate opportunity to participate in 43% of the property sales in the Bethany-Fenwick area during the first quarter, representing the buyer, seller, or both parties. If you are considering a sale or purchase, our experience and market knowledge is unmatched. Please give us a call!

*Data was derived from the Sussex County MLS. Includes properties put under contract in Fenwick Island, South Bethany, Bethany Beach & North Bethany.  May not reflect all activity in the marketplace.

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