Real Estate Market Update for the Delaware and Maryland Beaches May 2020

Wednesday, May 13, 2020   /   by Jay Lesko

Real Estate Market Update for the Delaware and Maryland Beaches May 2020

As COVID-19 has enveloped our nation, our real estate market is still going strong at the Delaware and Maryland Beaches.  Our year-over-year inventory remains down with 26.3% less listings on the market from this time last year.  As stay at home orders swept across the nation, Delaware and Maryland Real Estate remained essential.  Some sellers decided to temporarily take their homes off the market, which resulted in another drop in inventory.  The two hottest markets are Lewes and Millsboro, which account for 31.7% of all closed sales year-over-year.  

As real estate remained essential for Delaware and Maryland, there are some requirements that prospective buyers must follow with visiting.  Buyers in Delaware must return to their primary residence upon completion of their visit to tour properties.  Social distancing requirements remain in effect and masks must be wore during appointments within any property.  

We have experienced a surge in online lead registrations and activity.  On average, our team generates about 200 leads per month.  Since the pandemic began we have seen that lead volume double; likely due to buyers being stuck at home.  We anticipate a surge in buyer activity as stay at home orders are modified or lifted with prices remaining flat.  As unemployment has peaked at near 20%, our market has been shielded slightly due to the buyer profile in our beach markets, which generally consists of high net worth or individuals close to retiring.  

Although showing activity dropped by 75%, agents and buyers showing homes in our current market are highly motivated and serious about their purchase, which has resulted in fewer showings per property but less showings to receive an offer. 

Average sales price was up 6.1% in Sussex County with average sales price of $376,232.  Our months supply, which is measured by how quickly the remaining inventory would sell out with no new homes entering the market, has dropped to 4.8 months or 34.2%.  Days on market is down to 106, a 7.5% drop from last year.  

Percent of asking remains strong up 1.3% at 97.7%.  A general rule of thumb; if you are submitting an offer you need to know where you are in relation to this metric; and it varies by zip code and community.  

The reality remains that we do not have enough homes to sell even in our current market conditions with COVID-19.  If you are considering selling your home reach out our team today to learn how market homes better than our competition through dynamic re-marketing strategies.  

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