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 be surprised that more people are not reaching out for valuations of their properties. We wonder if this reflects a longer-term post-pandemic lifestyle, or is it that people know and appreciate real estate as a tangible asset that offers the added value of immediate enjoyment when compared to holding financial assets in the market? If you are exploring your options as a buyer or seller, we always welcome a conversation. Please give us a call, (302) 541-5207.