Happy Spring!  As we look back on the first 4 months of the year, there was some slowdown in total sales, but the beach real estate market remains firm as we continue to experience very limited inventory amidst rising interest rates.  

   
A positive piece of news for real estate that we are watching closely is the Delaware legislation recently introduced that would reduce the transfer tax by 1%, effective for transactions recorded after July 1, 2022.  This would bring the total tax back to 3% vs. 4%.  Typically, this expense is split between the buyer and seller at closing.  While not yet in effect, we are encouraged that this bill will be passed and we will keep you informed.      

If you would like to discuss the market in more detail, please

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 the Bethany-Fenwick market were down 19% when compared to the same time last year as inventory remains at record lows. Meanwhile, sales volume in dollars (based on list price) was up 7%.   Properties continued to sell very quickly. In fact, 43 of the 58 properties that went under contract this year did so within 10 days. The

Typically, the month of January brings some slow down in real estate activity when compared with warmer months of the year, but we continue to be in a market like never before at the beach. Through multiple snow storms and blizzard conditions, 26 properties went under contract in the Bethany-Fenwick area in January.

We are often asked whether we are in a buyer’s market or a seller’s market. Based on our communications over the last 18 months, it should be no surprise that we are clearly in a seller’s market. However, to put this into perspective, we need to calculate Months of Inventory, also known as the Absorption Rate.  

The chart provided compares the supply of inventory at the beach on January 1 versus the same date in previous years. In

As we look back on 2021, shrinking inventory and strong demand created a competitive market like we have never experienced at the beach!

These conditions sent values surging in 2021 and real estate remains a solid investment. If you are considering a sale or looking to purchase, please give us a call.

*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.

As we look back on 2021, you might recall that we predicted another strong year following a record shattering 2020. This proved to be true! The continuation of shrinking inventory and strong demand created a competitive market for buyers like we have never experienced. These conditions sent real estate values surging in 2021 and it remains an incredible time to be a seller! In fact, buyer demand continues to be high and there is only 1 property for sale in North Bethany versus 5 at this time last year and 19 at the close of 2019!

In 2021, we were fortunate to participate in 45% of sales in North Bethany, representing the buyer, seller or both parties. Properties listed with our group sold faster (15 average days-to-contract vs. 46) and our sellers

It has been a busy week!  These beautiful beach homes settled just in time for the holidays and we are grateful to have worked with these buyers and/or sellers. 

If you are considering a sale or looking to purchase, please give us a call.

Our group hosted The Wags, Witches and Warlocks Halloween Festival in Bethany Beach on Saturday, October 30, 2021.  Families and pets participated in a day of fun which has raised more than $15,000 so far this year for the Brandywine Valley SPCA!   Funds raised will go towards a new state-of-the-art campus and ICU hospital for pets in Delaware.

Take a look at a few photos below to see highlights of this year's event. It is always a very special day and we are extremely grateful to our event sponsors and to the town businesses that support the festival.  We hope that you will join us next year! 

For 18 months, we have shared with you that the real estate market has been exceptional at the beach and as the graph illustrates, both single family homes and condo/townhome properties continue to appreciate significantly in value! We expect the continuation of high buyer demand and extremely low inventory which will keep upward pressure on prices well into 2022. If you are considering a purchase or sale, please strategize with us to ensure the very best results in this market!   

During this time of Thanksgiving, we are grateful to you for your continued trust and wish you and your loved ones a safe, healthy and joyful holiday!

As we reflect on the first three quarters of 2021, the momentum that started in 2020 with a surge in buyer demand carried well into 2021 and the outlook continues to be very strong for property owners!

In a typical year, we would expect some slow down as we head into the “off-season”, but there is nothing typical about this market. In fact, September sales outpaced August as 39 properties went under contract in Sept. versus 34 in August. Properties continue to sell very quickly (many within just a couple of days) and multiple offers continue to be the norm.  As of October 1, there were just 38 single family and condo/townhomes for sale in the Bethany-Fenwick area versus 43 at this time last year and 218 in 2019!