No Surprise: Trend Continues to Seller’s Market
For much of the last 2 years, we have communicated to you that buyer activity was strong while inventory was shrinking at the beach. With that in mind, it was no surprise that January absorption rates continue trending in the direction of a seller’s market. This indicates that in most areas there will be upward movement in prices.
Absorption rates tell us how many months it would take to sell all existing homes for sale at the current pace of sales. Generally speaking, 7 months of inventory is a neutral market, more than 7 is a buyer’s market, less is a seller’s market. As the chart illustrates, the areas of South Bethany and Bethany Beach with 5 months of inventory are both a seller’s market. While North Bethany and Fenwick Island are technically in a buyer’s market, the trend is continuing down, which is positive for property owners.
With the summer season just around the corner, it is a great time to talk with us about buying or selling at the beach. View all properties currently for sale at the beach: https://www.bestofbethany.com/search-mls
Leslie Kopp & Christi Arndt