As we head into what is typically an active selling season, 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. While we are trending towards a Buyer’s Market, at this time, Ocean View has 4 months of inventory and it remains a Seller’s Market.
Even with a serious winter storm that left us under snow for many weeks, we experienced good activity during the first month of the year. In January, 25 properties went under contract in Ocean View. This compares to 27 sales in January last year and 24 in 2023.We continue to be optimistic about the year ahead and always welcome a conversation!
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