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 general, 7 months of inventory is considered a balanced market while more is a buyer’s market and less is a seller’s market. These are the lowest absorption rates that we have ever calculated at the beach!
It is more important than ever to have an experienced Realtor working for you in today's environment. Our group has successfully assisted buyers with strong offers to obtain their dream home and when representing sellers, we recognize and execute on the details that matter to ensure that your property gets the best possible exposure and captures the momentum of the market. If you are considering a purchase or a sale, please give us a call.
*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.