The # of homes sold peaked in the 2nd half of 2020. Since then, the market has been steadily returning to more “normal” levels. With over 6,900 homes sold so far, 2022 is on pace for about a 20% reduction in the # of homes sold compared to 2020/2021
Eastern Sussex and Worcester have seen the most activity so far this year for fee simple (non-condo, non- land lease) home sales. Lewes holds the top spot, followed by Berlin & Millsboro. OC has the most sales (by a lot!) if you count condos. This doesn’t tell the whole story though. High prices in the east have driven buyers westward in search of more affordable options that still offer convenient access to higher demand areas. Some of the largest growth in sales compared to ’21 occurred in relatively smaller towns like: Snow Hill (+150%), Princess Anne (+80%), Greenwood (+40%) & Harbeson (+32%). WHERE HAS HE MARKET BEEN THE BUSIEST? # OF SALES IN 2022
WHAT’S NEXT?
Active Inventory is up ~14% since mid- June. More inventory means less competition among buyers. # of Closings > # Pending – Fewer homes are going under contract compared to closings, which means closings will decline in the next 30 – 90 days. While no one has a crystal ball, there are several metrics that are leading indicators of where the market might be heading. Here are a couple…
The data suggests COOLER conditions ahead, but overall the market is still active. Although buyers are gaining more leverage, sellers are still benefiting from the increased prices and solid underlying demand. Have a questions about the Market? Ask me! Email questions to Ryan.Basch@thepayneteamre.com
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