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

Happy New Year!  We hope you and your family had a safe and healthy holiday season.  As we look back on the 2023 beach real estate market, you might recall that the first few months were much slower when compared to 2021 and 2022. Inventory shortages continued to play a role in the slow down and interest rates rose to their highest level in more than 20 years. Sales picked up some in August and the positive momentum carried through the end of the year.  

In December, there was good news for the real estate market when the Federal Reserve held their key interest rate steady for the third time and suggested that there could be rate cuts in 2024. This news has us optimistic about the year ahead for North Bethany Real Estate.  If you have any

As we look back at the first 3 quarters of 2023 compared to recent years, the North Bethany real estate market slowed considerably. Even as interest rates rose to levels that we have not experienced in more than 20 years, the primary factor that contributed to the slowdown was the continuation of inventory shortages.

Last Fall, we experienced an uptick in inventory, but as the chart illustrates, that has not been the case so far this year. Inventory in North Bethany was down 78% on October 1 of 2023 when compared to the same day in 2022. 

History tells us that real estate as a long term investment is very strong and the ability to have immediate use and enjoyment of a second home asset is something that we hear often from buyers, especially in

For well over a year, we have been reporting that monthly sales are down when compared to the same time period last year. This trend finally broke in August!   During the month, 28 properties went under contract vs. 24 in August of 2022. Meanwhile, inventory is still deficient with only 36 properties for sale versus 61 at this same time last year.

As the chart illustrates, total sales in the Bethany-Fenwick market are down 27% year-to-date while the median sales price is up 10%. Properties tend to sell in just under 2 weeks with 12 days being the median amount of time to go under contract.

On a personal note, September is a special month for me. This month marks 34 years since starting a career in real estate at the beach. I am extremely

It is hard to believe that Labor Day weekend is right around the corner, we hope you are having a wonderful summer! While total real estate sales are down 52% year-to-date in North Bethany, the market remains very strong.  It has been more than a year since the “buyer frenzy” we experienced in 2020 through early 2022.  So far this year, our group has participated in 40% of property sales in the 19930 zip code.    If we can offer you any real estate guidance, please give us a call.

Leslie Kopp                                 Christi Arndt   
(302) 542-3917                         (302) 245-5223                      

*Real estate sales data was derived from the Sussex County MLS. Includes Single

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, more would be a buyer’s market and less a seller’s market. At this time last year, all areas were still in a seller’s market, but clearly the market had started to shift. We continue to stay just under a balanced market due to limited inventory and it remains an excellent time to be a Seller!      

If you would like to discuss the market in more detail as it relates to your property, please give us a