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, 40 properties went under contract in Ocean View. This is up 67% over 24 in January of 2020 and it would be much higher if there was more inventory available. There are currently 24 properties for sale in Ocean View.
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 provided compares the supply of inventory on Jan. 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 for Ocean View!
If you are considering a sale or looking to purchase, please give us a call.