Market Trend Shifts Direction
You might recall that this is the time of year when we like to share absorption rates with you. This statistic tells us whether we are trending in the direction of a buyer’s or seller’s market by comparing the pace of sales over the last 12 months with inventory levels.
Generally speaking, 7 months of inventory or less is considered a seller’s market, more than 7 months is a buyer’s market. After 2 years of trending in the direction of a Seller’s market at the beach, there has been a slight correction in the other direction. Movement is towards a buyer’s market in Bethany, North Bethany and Fenwick Island due to a slower pace of sales while South Bethany remains firm in a seller’s market with 7 months of inventory.
This is not necessarily an indication that the market is softening. A shortage of available homes with recent updates is a big factor in the slower pace. If you would like to discuss the market in more detail as it relates to your property, please give us a call.
Leslie Kopp & Christi Arndt