A few weeks ago, we reported that during May of 2020, 55 properties (single family & condo/townhomes) went under contract in the Bethany-Fenwick area. This was the highest number of sales ever recorded for one month in our current multiple list system which goes back to 2005. New contracts in June were nearly 50% higher at 81! With this in mind, we are understandably in a strong seller’s market at the beach.
Twice a year, we calculate and share absorption rates with you. This statistic tells us if we are trending in the direction of a buyer’s or seller’s market by comparing the pace of sales over the last 12 months with inventory levels. Generally speaking, 7 months of inventory or less is considered a seller’s market, more than 7 months is a buyer’s market.
As the chart illustrates, there is no question that all areas are in a seller’s market. In fact, we cannot recall a time when buyer demand has been this high for beach real estate while inventory remained so low. If you have been considering a sale or looking to purchase a new home, we are here to help you maximize the results. Please give us a call!