Happy Spring! As we look back on the first 4 months of the year, there was certainly some slowing in sales in Sea Colony (specifically on the East) 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 on both the East and West when compared to the same time period last year. While inventory has risen slightly with 9 properties for sale, it is still far below pre-pandemic levels when it was common to have 60 to 70 properties available for sale in Sea Colony. 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

During the first quarter of the year, we continued to experience a strong Seller’s market in Sea Colony as buyer demand remained high and we continued to navigate low inventory.

As the chart illustrates, total sales were down 7% when compared to last year while sales volume was down 23%. The chart shows some slowing in the pace of sales with the average days-to-contract at 24, however, there was a noticeable increase in the pace of sales during the month of March. Property values were up when compared to last year with the median sale price on the East at $1,160,000 vs. $884,000 in 2022 and on the West $587,500 vs $545,000.

We had the fortunate opportunity to participate in 36% of the property sales in Sea Colony during the first quarter,

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, both Sea Colony East and West have 1 month 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 the marketplace.

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 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! Inventory remains at historically low levels which means that it is still an opportune time to capitalize as a seller.  

In 2022, we were fortunate to participate in more than 30% of

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, Sea Colony property values continued to appreciate during 2022.

If you are considering purchasing or selling, we welcome a conversation to strategize about how to ensure the best results in this shifting market! Please call Sea Colony Specialists Gail Phelan (302) 233-4909 and Chris Housman (302) 853-0192.

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 Sea Colony, Bethany Beach. May not reflect all activity in the

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. Three of the last 5 listings of ours that went under contract in Sea Colony did so in under 2 weeks. These properties ranged in price from $6350K to just under $1 million.

Given the state of the economy, we

Warm sunny days, cool nights and light traffic make this our favorite time of the year at the beach and we hope that you are enjoying this season!  

We have been communicating for the last few months that the beach real estate market has slowed when compared to recent years and this trend continued through August. As the chart illustrates, sales in Sea Colony East are down 17% to-date while the continuation of extremely limited inventory has kept the median sales price up a significant 35%.

On a personal note, September is always a special month for me as it marks 33 years since starting a career in real estate at the beach. I feel extremely fortunate to have earned the trust of so many of you over the years and together with Christi, Gail,

Warm sunny days, cool nights and light traffic make this our favorite time of the year at the beach and we hope that you are enjoying this season! 

We have been communicating for the last few months that the beach real estate market has slowed when compared to recent years and this trend continued through August. As the chart illustrates, sales in Sea Colony West are down 36% to-date while the continuation of limited inventory has kept the median sales price up 18%. Properties are still selling quickly, with 7 days being the median amount of time to go under contract.

On a personal note, September is always a special month for me as it marks 33 years since starting a career in real estate at the beach. I feel extremely fortunate to have earned

We hope you are having a wonderful summer!  Its is hard to believe we are well into August already!

While total sales are down year-to-date in Sea Colony, the real estate market remains firm. In fact, the median price on the East is up 24% and up 18% on the West when compared to the first 7 months of last year. The median days to contract is still under one week and while there has been a slight rise in inventory, it is still at record lows.

As always, if we can offer you any real estate guidance, please call our Sea Colony Experts:Gail Phelan: 302-233-4909 and Chris Housman: 302-853-0192.

*Data was derived from the Sussex County MLS. Includes properties in Sea Colony. May not reflect all activity in the marketplace.

The kick-off to summer has arrived and we have enjoyed seeing so many visitors over the last few weeks! The month of May was slower for real estate as 7 properties went under contract in Sea Colony compared to 12 at the same time last year.

While we are certainly experiencing a slow down in market activity, real estate remains a strong investment with appreciation over time. If you have any questions related to real estate, we are here for you. Please call Sea Colony Experts, Gail Phelan (302) 233-4909 and Chris Housman (302) 853-0192.