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 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 Sea Colony!
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.