July sales dipped compared to the previous several months, hitting the lowest closed sales since winter. Sales are down 15% this year compared to last.
# OF HOMES SOLD
CONDO SNAPSHOT Condominiums are a different type of property ownership, but are a critical part of the real estate market in our region. With summer wrapping up, here is a brief snapshot of the condo activity…
So far this summer (May/June/July), condo sales have also been off the pace of 2022 by about 5%. And 804 condos have been sold this year total.
LOCATION
Not surprisingly, Ocean City is the primary market for condos, accounting for 54% of the market activity. The Delaware coastal cities of Lewes, Rehoboth, Millsboro and Ocean View make up the next 31% of sales. So all others are 15% of the market. Salisbury, Berlin, Selbyville and Cambridge each have an additional 2% of the market.
The typical condo in... Is Priced at Avg. # of Beds Avg. # of Baths Avg. Sq Ft Ocean City Delaware Coast All Others $470,973 $563,318 $335,027 2.1 3.0 2.7 2.0 2.8 2.5 1,077 1,862 1,567
Thanks for reading this month's Market Insights. As always, my inbox is open for questions! Any real estate market question is welcome - Reach me at 443-614-4327 or email me Ryan.payneteam@gmail.com
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