Still Strong Seller's Market, But Trend is Changing Direction
Posted by Leslie Kopp & Christi Arndt on Thursday, February 9th, 2023 at 1:55pm
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, all areas have 2 months of inventory or less. 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. There is good showing activity on newly listed properties, there are still multiple offers in some situations, but it is not uncommon to see offers that include contingencies.
It is more important than ever to have an experienced Realtor working for you in today's environment. If you are considering a purchase or a sale, please give us a call, 302-541-5207.
*Data was derived from the Sussex County MLS. Includes properties sold in Fenwick Island, South Bethany, Bethany Beach & North Bethany. May not reflect all activity in the marketplace.
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