Labor Day weekend has come and gone, signaling the unofficial end of another season at the beach and the Summer of 2021 is certainly one that we will not soon forget! 

Buyer demand in the Bethany-Fenwick area was as strong as we have ever experienced, multiple offers with very few (if any) contingencies were the norm, and there was the least amount of inventory ever available for sale in our multiple list service which goes back to 2005.  Year-over-year prices are up more than 30% for both single family homes and condo/townhome property types and new listings are selling in less than 1 week as the median days on market is just 6 days.

We have experienced some price resistance from buyers in recent weeks which is something we will continue to

For more than a year now, we have shared with you that the beach real estate market has been extremely strong for sellers with limited inventory leading to rising prices. This trend has continued and as of August 1, there were 6 properties for sale in Sea Colony versus 8 one year ago and 51 in 2019. There continues to be pent up buyer demand as inventory cannot keep pace and many properties are selling within just a few short days!  

As we look toward the fall and winter months, we anticipate a rise in new listings and there is no way to predict how long these conditions will last. If you are considering a sale or looking to purchase, please call our Sea Colony Experts: Gail Phelan 302-233-4909 or Despina Kaneles 302-236-2428.

Twice a year, we calculate and share absorption rates with you and hope that it puts the current market into perspective when compared to recent years. There is no question that we are currently in the strongest seller’s market on record.

Absorption rates tell 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.   A balanced market would have 7 months of inventory, more would be a buyer’s market and less a seller’s market. All areas currently have only 1 month of  inventory for sale!    

If you are considering a sale or looking to purchase, please call our Sea Colony Experts: Gail Phelan 302-233-4909 or Despina Kaneles 302-236-2428.

So far in 2021, the market has proven to be extremely competitive for Buyers as inventory remains deficient and demand is extremely high.  Prices are rising sharply and multiple offers are the norm.

In recent months, sale prices have reached levels that match and in some cases exceed values of comparable sales during the 2005/2006 boom.  The median sale price of properties sold to-date in 2021 is up 19% over 2017 for Sea Colony East and 56% for Sea Colony West.  There are currently just 4 properties for sale on the East and zero on the West.  It is hard to predict how long this market will last, but we do know that Spring is upon us and  NOW is an opportune time!  Please call our Sea Colony Experts: Gail Phelan 302-233-4909 or Despina Kaneles

Typically, January brings some slow down in real estate activity when compared with our warm summer months, but we are experiencing a time like never before at the beach. In fact, in January, 7 properties went under contract in Sea Colony.  This is up 40% over 5 in January of 2020 and it would be much higher if there was more inventory available.  There are currently 5 listings in the East and zero on the West!

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

Happy New Year!  We hope you and your family had a safe and healthy holiday season. As we look back on an incredible year for beach real estate, you might recall that 2020 started strong in early months and slowed with the onset of COVID-19 in March and April.  The market came back in May and the positive momentum carried through the year.

Importantly, there has been a sharp decline in available inventory which is down a significant 67%, year-over-year! There are currently 6 properties for sale in Sea Colony East versus 18 at this time last year.

We feel very fortunate to have participated in 33% of sales in Sea Colony East during 2020, representing the buyer, seller or both parties. We are extremely grateful for your continued loyalty and wish

Happy New Year!  We hope you and your family had a safe and healthy holiday season. As we look back on an incredible year for beach real estate, you might recall that 2020 started strong in early months and slowed with the onset of COVID-19 in March and April.  The market came back in May and the positive momentum carried through the year.

Importantly, there has been a sharp decline in available inventory which is down a significant 67%, year-over-year!  There is currently 1 property for sale in Sea Colony West versus 11 at this time last year.

We feel very fortunate to have participated in nearly 30% of sales in Sea Colony during 2020, representing the buyer, seller or both parties. We are extremely grateful for your continued loyalty and wish