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 when compared to 2022. However, the good news is that there is currently a high level of activity ahead of the upcoming summer season.

As the chart illustrates, values are up when compared to the same time period last year and while inventory has nearly doubled with 69 properties for sale, it is still far below pre-pandemic levels when it was common to have more than 200 properties available for sale in Ocean View. 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

During the first quarter of the year, we continued to experience high buyer demand as we navigate historically low inventory.

As the chart illustrates, total sales were down 9% when compared to the first quarter of last year while sales volume was down 17%. The chart shows some slowing in the pace of sales with the average days-to-contract at 54 days. However, there was a noticeable increase in the pace of sales during the month of March as 4 properties went under contract in Bear Trap and the average days-to-contract was 17 days. 

If you are considering a sale or purchase, our Bear Trap Expert, Gail Phelan, has experience and market knowledge that is unmatched.   Please give her a call (302) 541-5207.

*Data was derived from the Sussex

During the first quarter of the year, we continued to experience high buyer demand as we navigate historically low inventory.

As the chart illustrates, total sales are down 30% when compared to last year while sales volume is down 26%. The chart shows some slowing in the pace of sales with the average days-to-contract at about 2 months, however, there was a noticeable increase in the pace of sales during the month of March. Property values were up 4% through the first quarter when compared to last year with the median sale price at $533K vs. $509K in 2022.

If you are considering a sale or purchase, our experience and market knowledge is unmatched. Please give us a call (302) 541-5207.

*Data was derived from the Sussex County MLS. Includes

As we head into what is typically a strong selling season for beach property, this is a time 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 determine how many Months Supply of Inventory is for sale. Generally, a balanced market would have between 6 to 7 months of inventory. At this time, Bear Trap Dunes and Ocean View both have less than 3 months of inventory. We are clearly still in a strong seller’s market due to inventory shortages, but as the chart illustrates, the trend has changed direction when compared to the same time last year.

This shift is a good representation of what we are currently experiencing in

As we head into what is typically a strong selling season for beach property, this is a time 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 determine how many Months Supply of Inventory is for sale.  Generally, a balanced market would have between 6 to 7 months of inventory. At this time, Ocean View and Bethany Beach both have less than 3 months of inventory. We are clearly still in a strong seller’s market due to inventory shortages, but as the chart illustrates, the trend has changed direction when compared to the same time last year.

This shift is a good representation of what we are currently experiencing in

Happy New Year! As we reflect on 2022, you might recall that the surge in real estate activity we felt in 2020 and 2021 carried into the first quarter of 2022 and then slowed in the second quarter. There was moderate activity in the second half of the year. However, rising interest rates coupled with the continuation of extremely low inventory contributed to a slowdown in both sales and appreciation later in the year.  While there is still plenty of uncertainty about what the state of the economy means for real estate in the short term, we are enthusiastic about the year ahead.

In 2022, we were fortunate to have represented more buyers and sellers in Ocean View than any other agent or group.   If you are considering a purchase or sale, it is never

Happy New Year! As we reflect on 2022, you might recall that the surge in real estate activity we felt in 2020 and 2021 carried into the first quarter of 2022 and then slowed in the second quarter. There was moderate activity in the second half of the year. However, rising interest rates coupled with the continuation of extremely low inventory contributed to a slowdown in both sales and appreciation later in the year. While there is still plenty of uncertainty about what the state of the economy means for real estate in the short term, we are enthusiastic about the year ahead!

We are grateful to have had the opportunity to represent more buyers and sellers in Ocean View than any other agent or group during 2022. Please call us if we can be of

For the last few months, we have shared with you that the real estate market has been slowing, but as the graph illustrates, both single family homes and condo/townhome properties in Ocean View continued to appreciate in value during 2022.

If you are considering a sale, we welcome a conversation to strategize about how to ensure the very best results in this shifting market: (302) 541-5207.  

During this time of Thanksgiving, we are grateful for your continued confidence in our group. We all wish you and your loved ones a healthy and joyful holiday!

*Data was derived from the Sussex County MLS. Includes properties sold in Ocean View, Delaware. May not reflect all activity in the marketplace.

For the last few months, we have shared with you that the real estate market has been slowing at the beach, but as the graph illustrates, Bear Trap property values continued to appreciate during 2022.

If you are considering a purchase or a sale, we welcome a conversation to strategize about how to ensure the best results in this shifting market! Please call Bear Trap Specialist Gail Phelan (302) 233-4909.

During this time of Thanksgiving, we are grateful for your continued confidence in our group. We all wish you and your loved ones a healthy and joyful holiday!

*Data was derived from the Sussex County MLS. Includes properties sold in Bear Trap Dunes and Ocean View, DE. May not reflect all activity in the marketplace.

We all hear economic and financial data from multiple sources. At the end of the day, we feel it is important to share both the sales data in the chart provided and also some perspective on what we are experiencing first-hand.

As we reflect on the last 6 months or so, we started to notice a difference in the temperature of the market in the March/April timeframe. None-the-less, through a rising interest rate environment and uncertainty in the financial markets, we continued to see, and we are still seeing properties sell very quickly. Seven of the last 10 properties that went under contract in Ocean View did so in under 2 weeks. These properties ranged in price from $245K to just under $1 million.

Given the state of the economy, we continue to