Delaware Beaches Real Estate Report: Q3

Key Market Highlights for the Delaware Beaches Area:

Overall Market Activity:
- Showings: Showings increased by 8.4% compared to last year but showed a slight decrease of 3.7% from the previous week.
- New Purchase Contracts: Contracts were up 3.9% year-over-year but declined by 5.6% from the prior week.
Listings and Pricing:
- New Listings: There was a modest 1.9% increase in new listings compared to last year, while the week-over-week change was minimal at 0.1%.
- Median List Price: The median list price held steady from the previous week at $399,900, which marks a significant 5.5% rise from a year ago.
Market Dynamics:
- Median Time to Contract: The median time to contract increased to 25 days, which is one day longer than the same time last year and two days longer than the previous week.
- Active Listings: The number of active listings saw a notable 13.5% year-over-year increase but was down by 1.3% compared to the prior week.
- Price Reductions: About 7.9% of active listings experienced price decreases, reflecting a 2.0 percentage point drop from last year and a 0.8 percentage point dip from the previous week.
Cancellations:
- Canceled Listings: Canceled listings surged significantly by 41.7% compared to last year and increased by 26.2% from the previous week, indicating potential seller hesitation or strategic market adjustments.

Coastal areas such as Harbeson, Millville, Bethel, and Lewes reported high demand with index scores indicating strong buyer interest.
Rehoboth Beach showed moderate demand, reflecting steady activity.
Coastal towns, overall, maintained healthier market conditions compared to urban counterparts in nearby areas.

Steady Buyer Interest: Showings and contracts remain higher year-over-year, highlighting sustained buyer interest as the market transitions through fall.
Price Stability: While the median list price held steady from the previous week, the year-over-year increase suggests resilient pricing amid shifting conditions.
Market Shifts: The notable rise in active listings and canceled listings could signal evolving strategies among sellers as they respond to market feedback and seasonal changes.
Continued High Demand: The Delaware Beaches area, particularly high-demand towns like Harbeson and Millville, remains an attractive market for potential buyers.

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Source: Bright MLS