Now just a little more than halfway through 2018 here in the coastal region, it's a good time to take a look at how the local real estate market is performing as compared to a year ago.
Well the results are a mixed bag, though mostly positive, with real estate activity in some towns and municipalities showing robust growth and others lagging just a little.
But all things considered, and in spite of a few challenges like low inventories, Delaware's coastal region is showing all signs of exhibiting a very robust and healthy real estate market.
A few takeaways from our mid-year report for 2018:
- There continues to be steady demand for a shrinking supply of single family homes, condominiums and townhouses.
- Single family homes are selling 20.2 percent faster than a year ago, which equates to an average of 26 fewer days on the market.
- The average price for single family homes sold in 2018 increased by $34,708, or 7.4 percent, over 2017.
- Inventory is down to just over a half-year supply.
- Sales in the condominium market increased by 16.3 percent from a year ago, with a slight price increase of 1.4 percent in average price per sale.
There are a number of homes in the coastal region that fit our definition of "luxury properties," or homes that have been listed and/or sold for $1 million or more.
In that statistical category, sales for 2018 have been a mixed bag compared to a year ago, with three towns or cities (Rehoboth Beach, Bethany Beach and Fenwick Island) improving year over year, but two towns or cities (Dewey Beach and Lewes) dropping fractionally.
Overall, however, this market has increased 18 percent year over year when compared to 2017. As is usually the case, Rehoboth Beach leads the way, accounting for around 50 percent of total home sales in this category.
A total of 50 "luxury homes" were sold in the first six months of the year in the "Nation's Summer Capital," compared to just 38 in 2017, an increase of 32 percent year over year.
So, what's the takeaway for 2018? Well, the local real estate market is still very healthy and stable overall, which we don't see changing anytime in the near future.
As always, we'd appreciate it if you would consider the Oldfather Group for all of your real estate needs in Delaware and Maryland's coastal regions. Give us a ring anytime at 302-260-2000 and let us find the perfect home for you and your family here at the beaches.