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 available for sale in Bear Trap at any given time. 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 any real estate guidance, please call our Bear Trap Expert, Gail Phelan (302) 233-4909.

*Data was derived from the Sussex County MLS. Includes properties in Bear Trap Dunes. May not reflect all activity in the marketplace.