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 of 2021, 36 properties went under contract in the Bethany-Fenwick area. This is up 50% over 24 in January of 2020.
We are often asked whether we are in a buyer’s market or a seller’s market. Based on our communications over the last 8 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!
If you are considering a sale or looking to purchase, please give us a call.