Spring Market Slower in Ocean View, Inventory on the Rise

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 we can offer you any real estate guidance as a buyer or seller, please don't hesitate to give us a call.

(302) 541-5207

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