Happy Spring!  As we look back on the first 4 months of the year, there was some slowdown in total sales, but the Sea Colony real estate market remains firm as we continue to experience very limited inventory amidst rising interest rates.     

A positive piece of news for real estate that we are watching closely is the Delaware legislation recently introduced that would reduce the transfer tax by 1%, effective for transactions recorded after July 1, 2022.  This would bring the total tax back to 3% vs. 4%.  Typically, this expense is split between the buyer and seller at closing.  While not yet in effect, we are encouraged that this bill will be passed and we will keep you informed.  

If you would like to discuss the market in more detail,

During the first quarter of the year, we continued to experience a strong market for sellers. As the chart illustrates, the number of properties sold in Sea Colony was down 50% when compared to the first quarter of last year while sales volume was down just 11%. Properties continued to go under contract very quickly as inventory was down 71% year-over-year and 89% compared to 2020!

As always, if we can offer you any real estate guidance during this time, we are here to help! Please call  Sea Colony Expert, Gail Phelan: 302-233-4909.

Dreaming of summer? Introducing 105 Georgetowne House in the highly sought after community of Sea Colony East. This beach front, 1st floor, 3 bedroom, 2 bath condominium offers fabulous ocean views up and down the coastline and a walk out balcony that is just steps to the sandy shores of the Atlantic. A coastal, contemporary interior design welcomes you with hardwood laminate flooring in living areas and bedrooms, beautifully upgraded open kitchen with white glass front cabinetry, beveled granite countertops, lovely surround backsplash, stainless Frigidaire appliances and deep undermounted sink. White dining farm table seats 8 for family and friends to dine on local coastal cuisine and then retreat to newly furnished and beachy appointed living area

We are now into the month of March and are looking forward to the longer, light filled days ahead! Looking back on the first two months of 2022, real estate activity was extremely competitive with the continuation of deficient inventory and we experienced multiple offers in many situations. We have said this many times before: it is hard to predict how long this environment will last!

As the chart illustrates, total sales in Sea Colony were down 45% when compared to the same time last year as inventory remains at record lows—there are currently no properties for sale in Sea Colony! Sales volume in dollars (based on list price) was up 4% as 8 of the 11 sales were on the East. Properties continued to sell very quickly. In fact, 9 of the 11 units that

Typically, the month of January brings some slow down in real estate activity when compared with warmer months of the year, but we continue to be in a market like never before at the beach. Through multiple snow storms and blizzard conditions, 26 properties went under contract in the Bethany-Fenwick area in January.

We are often asked whether we are in a buyer’s market or a seller’s market. Based on our communications over the last 18 months, it should be no surprise that we are clearly in a seller’s market. However, to put this into perspective, we need to calculate Months of Inventory, also known as the Absorption Rate.  

The chart provided compares the supply of inventory at the beach on January 1 versus the same date in previous years. In

Happy New Year, we hope you and your family had a safe and healthy holiday season!

As we look back on 2021, you might recall that we predicted another strong year following a record shattering 2020. This proved to be true! The continuation of shrinking inventory and strong demand created a competitive market for buyers like we have never experienced. These conditions sent real estate values surging in 2021 and it remains an incredible time to be a seller! In fact, buyer demand remains high and there is only 1 property for sale in Sea Colony West versus 1 at this time last year and 11 at the close of 2019!

In 2021, we were fortunate to participate in 30% of sales in Sea Colony, representing the buyer, seller or both parties. Properties listed

Happy New Year, we hope you and your family had a safe and healthy holiday season!

As we look back on 2021, you might recall that we predicted another strong year following a record shattering 2020. This proved to be true! The continuation of shrinking inventory and strong demand created a competitive market for buyers like we have never experienced. These conditions sent real estate values surging in 2021 and it remains an incredible time to be a seller! In fact, buyer demand remains high and there are currently only 2 properties for sale in Sea Colony East versus 6 at this time last year and 18 at the close of 2019!

In 2021, we were fortunate to participate in 30% of sales in Sea Colony East, representing the buyer, seller or both parties.

Our group hosted The Wags, Witches and Warlocks Halloween Festival in Bethany Beach on Saturday, October 30, 2021.  Families and pets participated in a day of fun which has raised more than $15,000 so far this year for the Brandywine Valley SPCA!   Funds raised will go towards a new state-of-the-art campus and ICU hospital for pets in Delaware.

Take a look at a few photos below to see highlights of this year's event. It is always a very special day and we are extremely grateful to our event sponsors and to the town businesses that support the festival.  We hope that you will join us next year! 

For 18 months, we have shared with you that the real estate market has been exceptional at the beach and as the graph illustrates, Sea Colony properties continue to appreciate significantly in value! We expect the continuation of high buyer demand and extremely low inventory which will keep upward pressure on prices well into 2022.

During this time of Thanksgiving, we are grateful to you for your continued trust and wish you and your loved ones a safe, healthy and joyful holiday!

If you are considering a purchase or sale, please strategize with Sea Colony Specialist Gail Phelan (302) 233-4909 to ensure the very best results in this market!