*Data was derived from the Sussex County MLS. Includes properties sold in Ocean View. May not reflect all activity in the marketplace.

Happy New Year!  As we reflect on 2024, you might recall that throughout most of the year, real estate sales in Bear Trap and Ocean View were comparable to 2023. Limited inventory kept values high, even as interest rates increased heading into the Summer season, and sales remained steady from January through October. Buyer activity slowed considerably in November and December, as anticipated, with the election and Holiday Season. 

We are optimistic and enthusiastic about the market in the year head!  If you are considering a purchase or sale of Bear Trap real estate, it is never too early to have a conversation or to

Last month, we shared with you that real estate sales had been strong through the first 3 quarters of the year for Bear Trap Dunes and Ocean View. This momentum slowed in October as 25 properties in Ocean View went under contract last month. This is down 17% compared to 30 sales in October of 2023 and there were no new sales in Bear Trap in October versus one last year. As the graph illustrates, the median sale price for properties in Bear Trap and Ocean View as a whole have risen in 2024.  During this time of Thanksgiving, we are grateful that so many of you look to our group for real estate guidance and expertise.   We wish you all a healthy and very joyful holiday!

If you are considering a purchase or a sale, it is never too early to have a

Last month, we reported that the Bear Trap real estate market was firm with 4 sales in August. We are pleased to share that buyer activity picked up nicely in September! During the month, 5 properties sold in Bear Trap and 52 properties went under contract in Ocean View as a whole. This is up 79% in Ocean View when compared to 29 sales during the same month last year and up 25% year-over-year for Bear Trap.

As the chart illustrates, through the first 3 quarters of the year, the market has remained firm. While it is taking just a few days longer for properties to sell, the median sale prices are holding firm for all property types.   If you are exploring your options as a buyer or seller, we always welcome a conversation.

Please call our Bear

Light traffic, cooler temperatures, and warm ocean breezes make September our favorite time of the year to live at the beach. This is also a special month for me personally as it marks 35 years since starting a career in real estate at the beach. I am extremely grateful to have earned the trust of so many of you over the years and together with Christi Arndt, Gail Phelan, and the group, we will continue to offer the highest level of guidance and expertise in real estate well into the future!

The real estate market for Bear Trap has remained firm when compared to last year. During the month of August, 4 properties went under contract in Bear Trap which is consistent with 4 during the same month last year. As the chart illustrates, sales year-to-date

After a firm start to the year that was fueled by more inventory in Bear Trap, we experienced some slowing in June and July. During those 2 months, 3 properties went under contract in Bear Trap Dunes (versus 4 during the same time last year).

As the chart illustrates, sales are relatively flat year-to-date while sales volume is up. Inventory remains a challenge as there were just 2 listings for sale in your community at the end of July, compared to 4 at the same time last year. Meanwhile, properties continue to sell quickly with 14 days as the median days-to-contract.

So far this year, our group has represented more clients in Ocean View (buyers and sellers combined) than any other agent or group. If we can offer you any real estate guidance,

This is the time of year when we like to calculate absorption rates in order to understand 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 7 months of inventory while more would be a buyer’s market and less a seller’s market. At this time, Bear Trap continues to be well under a balanced market, staying in a seller’s market due to good buyer activity and at the present time, zero inventory of properties available for sale.

If you would like to discuss the market in more detail as a buyer or a seller, please call our Bear Trap Specialist.

Gail Phelan
(302)

The summer season is upon us, and we have enjoyed seeing so many of you enjoying Bear Trap Dunes over the last few weeks! During the month of May, just 1 property went under contract in Bear Trap. This compares to 1 at the same time last year and 2 in May of 2022. While there is vulnerability in the market, the continuation of low inventory in Bear Trap has kept values elevated (currently there are no properties for sale in the community).

If you have any questions about the market in general or any specific property, please call our Bear Trap Expert:

Gail Phelan (302) 233-4909

March has arrived and we are looking forward to longer light filled days ahead! Bear Trap has had a slow start to the year for real estate activity. While it is not the frenzy that we experienced in 2021 and 2022, to-date, sales are up considerably when compared to last year in other areas at the beach, but extremely low inventory has suppressed sales in your community.

As the chart illustrates, through the first two months, new contracts were down 33% compared to the same time last year. Properties that are priced appropriately continue to sell quickly and the median sale price of properties settled in January and February was up 26% when compared to the same months in 2023.

If you are considering buying or selling, please give our Bear Trap

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, Bear Trap Dunes and Ocean View both have less than 3 months of inventory. 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

Happy New Year! As we reflect on 2022, you might recall that the surge in real estate activity we felt in 2020 and 2021 carried into the first quarter of 2022 and then slowed in the second quarter. There was moderate activity in the second half of the year. However, rising interest rates coupled with the continuation of extremely low inventory contributed to a slowdown in both sales and appreciation later in the year.  While there is still plenty of uncertainty about what the state of the economy means for real estate in the short term, we are enthusiastic about the year ahead.

In 2022, we were fortunate to have represented more buyers and sellers in Ocean View than any other agent or group.   If you are considering a purchase or sale, it is never