This is the time of year when we calculate absorption rates in order to understand whether we are trending in the direction of a buyer’s or seller’s market at the beach. We compare the pace of sales over the previous 12 months to determine how many Months Supply of Inventory is for sale.

Generally, a balanced market would have 7 months of inventory while more would be a buyer’s market and less a seller’s market. The market is clearly shifting as all areas moved in a favorable direction for buyers. We continue to stay in a seller’s market from North Bethany to South Bethany, but growing inventory in Fenwick Island has shifted that area into a buyer’s market.        

If you would like to discuss the market in more detail as a buyer or a seller,

We are thrilled to announce that The Leslie Kopp Group is once again the Presenting Sponsor of the Annual Beach & Bay Cottage Tour, now in its 32nd year! This year's event offers the opportunity to experience the tour both in-person and virtually.

Photo courtesy of Beach & Bay Cottage Tour

By purchasing a Virtual Only ticket for $35, you can explore all 10 homes on the tour from the comfort of your own home. When you purchase an In-Person ticket $50, the Combo Ticket grants you access to visit 6 pre-selected homes in-person, as well as virtual access to every single home. Virtual tours will be available from Sunday, July 14th to Sunday, August 4th, while in-person tours will take place on Wednesday, July 24th & Thursday, July 25th.

Tickets are

The summer season is upon us, and we have enjoyed seeing so many of you enjoying the area over the last few weeks! During the month of May, 20 properties went under contract in the Bethany-Fenwick area.  20 properties were also under contract at this time last year, and 21 in May of 2022. There is some softening of values, particularly in the single family home market. However, there are still plenty of buyers waiting for specific properties to be listed, especially those closest to the beach.

If you have any questions about the market in general or and specific property, please give us a call.

Leslie Kopp
(302) 541-5207        

Christi Arndt
(302) 245-5223               

Happy Spring! Last month, we shared with you that after many years of deficient inventory, we were starting to see properties coming on the market more frequently. As we start the month of May, this trend continues as inventory in the Bethany-Fenwick market is up 58% when compared to the same time last year.

The beach real estate market remains firm. As the chart illustrates, sales activity is up 14% so far this year when compared to the first 4 months of 2023 and sales volume is up 19%. Properties are taking a little longer to sell with 11 days as the median days-to-contract so far this year, vs. 9 days last year. Meanwhile, prices are stable.      

The busy Summer season is just around the corner, if we can offer you any real estate guidance,

Photo courtesy of Sussex County Property Reassessment

Just in the last week or so, homeowners in Bethany Beach, Fenwick Island and other surrounding towns have started to receive letters from Tyler Technologies regarding the reassessment of their property. The letter asks property owners to review Sussex County's current building information provided, and to make corrections to any inaccurate reporting.  

As a reminder, Sussex County, in connection with Tyler Technologies, is currently undergoing a county-wide reassessment of all real property, resulting in new property values for both residential and commercial property.  The revaluation is being carried out to adhere to a 2020 ruling by the Delaware Chancery Court, which deemed the property taxing

Coalition for a Safer North Bethany Beach has announced that two events have been scheduled regarding the DelDOT Study along SR 1 between Bethany Beach and the Indian River Inlet Bridge. The purpose of the Study is to evaluate alternatives that will improve safety and provide low-stress bicycle and pedestrian facilities, and to develop a conceptual design and cost estimate for a recommended alternative. DelDOT will also be installing short-term improvements including three Rapid Rectangular Flashing Beacons. This spring, there are three ways you can learn more and provide feedback on the Study and planned short-term improvements:

1.       Attend the May 8 Public Workshop in person at the South Coastal Library
   

The Delaware

March has arrived and we are looking forward to longer light filled days ahead! The Bethany-Fenwick area had a good start to the year for real estate activity. While it is not the frenzy that we experienced in 2021 and 2022, to-date, sales are up considerably when compared to last year.

As the chart illustrates, through the first two months, new contracts were up 34% when compared to the same time last year. Inventory is slowly rising, but remains at historical lows. Sales volume in dollars (based on list price) was up 30%.   Properties that are priced appropriately continue to sell very quickly and the average sale price for properties settled in January and February was down 5% when compared to the same months in 2023. This is due to the fact

Provided by Delaware Department of Transportation

The purpose of the North Bethany Bicycle and Pedestrian Corridor Study is to evaluate alternatives to provide low-stress bicycle and pedestrian facilities along SR 1 between Bethany Beach and the Indian River Inlet Bridge, and to develop a conceptual design and cost estimate for a recommended alternative. These concepts will be developed based on the public feedback received to date and the results of the existing conditions assessment. The potential alternatives may include recommendations for traffic calming, median crossover closures/consolidations, shared use path(s), protected bike lanes, dedicated right-turn lanes, sidewalks, and crossing improvements.

Public Process

Concepts

We are just one month into the year and so far, we are experiencing good buyer activity at the beach! In January, 19 properties went under contract in the Bethany-Fenwick area. This is up nearly 30%, compared to 15 properties under contract during the same month last year, even as we continue to have deficient inventory in most areas.  

During this time of the year, we like to calculate absorption rates to determine whether we are trending in the direction of a buyer’s or seller’s market. We compare the pace of sales over the previous 12 months to calculate how many months supply of inventory is for sale. Generally, a balanced market would have between 6 to 7 months of inventory.  

As the chart illustrates, we remain in a Seller’s Market for

Credit to Katie Kazimir with Delaware Live

Cape Gazette

The Department of Natural Resources is developing counsel for local governments to aid in funding the cost for beach replenishment.   DNREC has stated that as erosion intensifies, the process of beach replenishment, which typically entails extracting sand from deeper offshore areas, may require more frequent repetition in order to restore beaches and safeguard infrastructure such as roads, bridges, and buildings.  Currently, costs are funded by both the state and federal government.  As of now Delaware allocates 1% of the state lodging tax towards replenishment projects. DNREC anticipates a budget of $4.1 million for the 2024 fiscal year, concluding on June 30th. This year, it is anticipated