For a number of months, we have been reporting that sales are down when compared to the same month last year. This trend broke in August! During the month, 25 properties went under contract vs. 20 in August of 2022. Meanwhile, inventory has remained relatively stable with 77 properties for sale versus 73 at this same time last year. We don’t know how long this little flurry of activity will last, but it feels as though buyers are tired of waiting for better buying conditions and they are motivated to move on the right property.
As the chart illustrates, total sales year-to-date in Ocean View are down 12% while the median sales price is down 2%. Properties tend to sell in just under a month with 25 days being the median amount of time to go under
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