The summer season is upon us, and we have enjoyed seeing so many of you enjoying the area over the last few weeks! During the month of May, 35 properties went under contract in the town of Ocean View. This compares to 30 properties at the same time last year, and 17 properties in May of 2022. Overall, values are stable in Ocean View to-date when compared to last year. Inventory is up just slightly with 87 properties currently listed for sale versus 77 at this time last year.
Local summer produce is a huge component of what makes summers at the Delaware Beaches so remarkable! Whether it's a seasonal dinner special at your favorite restaurant or spending the day with your family at one of many nearby farms, you're sure to be impressed by the delicious foods that are harvested locally. The Southern Shore is flourishing with options when it comes to accessing locally grown produce at an affordable price. Many farms in the area offer "you pick" days, where guests can pick blueberries, peaches, or whatever the farm specializes in. Additionally, there are several Farmers' Markets in the area where you can purchase from multiple different farms in a one-top shoe, as well as flower vendors and more! Just below is more
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Happy Spring! Last month, we shared with you that after many years of deficient inventory, we were starting to see properties coming on the market more frequently. As we start the month of May, this trend continues as inventory in Ocean View is up 20% when compared to the same time last year.
As the chart illustrates, sales activity is down 6% so far this year when compared to the first 4 months of last year. Sales volume is down 8%. Properties are selling more quickly with 21 days as the median days-to-contract so far this year vs. 29 days last year. Meanwhile, there is some softening of prices as the median sale price to-date is down 9%.
While the market has been slower in Ocean View, the busy Summer season is just around the corner! If
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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
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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, Ocean View and Bethany Beach 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
…We are now into the month of March and are looking forward to the longer, light filled days ahead! Looking back on the first two months of 2022, real estate activity was extremely competitive with the continuation of deficient inventory and we experienced multiple offers in many situations. Real estate values are still on the rise. We have said this many times before: it is hard to predict how long this environment will last!
As the chart illustrates, total sales in Ocean View were up 6% when compared to the same time last year as inventory remains at record lows. Meanwhile, sales volume in dollars (based on list price) was up even more at 23% ! Properties continued to sell very quickly. The average sales price for properties settled in January and
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