Everyone looking to buy or sell here at the beach wants to know what is going on. Well things here are moving! I always enjoy taking clients out and showing them the fabulous properties that are available here at the beach. In the past few months that task has gotten just a little bit harder. The current market trends are showing that we are down in available inventory. It is getting increasingly harder to find properties to show new people what our area has to offer. As you can see in the chart below we are definitely down in available inventory.
Versus last year, the total number of homes available this month is lower by 97 units or 13%. The total number of active inventory this February was 661 compared to 758 in February 2014. This month’s total of 661 is higher than the previous month’s total supply of available inventory of 639, an increase of 3%.
In addition to the lower active inventory we are experiencing an increase in active contracts. Last year at this time in our area we had 30 active contracts on properties going. This year we are up to 70 active contracts for the month of February in our area. The number of current contracts is 133% higher than last February.
Months of Supply
In February, there was 22.8 months of supply available in Bethany, Fenwick, and Ocean View, compared to 27.1 in February 2014. That is a decrease of 16% versus a year ago.
Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.
So what does this all mean. Well in short we are experiencing a period of increased demand and low inventory. What that means is that anyone selling their home is in a good position to price the home right and sell quickly. As you can see below most of the homes that are now being placed on the market are selling at very close to the asking price.
Sale Price to List Price Ratio
In February, the average sale price in Bethany, Fenwick, and Ocean View was 96.5% of the average list price, which is 1.6% higher than at this time last year.