During the first quarter of the year, we continued to experience a strong Seller’s market in Sea Colony as buyer demand remained high and we continued to navigate low inventory.
As the chart illustrates, total sales were down 7% when compared to last year while sales volume was down 23%. The chart shows some slowing in the pace of sales with the average days-to-contract at 24, however, there was a noticeable increase in the pace of sales during the month of March. Property values were up when compared to last year with the median sale price on the East at $1,160,000 vs. $884,000 in 2022 and on the West $587,500 vs $545,000.
We had the fortunate opportunity to participate in 36% of the property sales in Sea Colony during the first quarter,