I think the signal, iin my opinion, is indicative of the profile of the property owner in Bethany Beach. For the most part they are "well-heeled", husband and wife both working, from the Washington Metro area, a very stable job market,, will come off their price to a certain extent, but not to the point that buyers think they should . There is a disconnect between what buyers will pay, and what sellers are willing to reduce their price to.... and this is one of those markets.
78 properties have sold in Bethany, South Bethany & North Bethany since September and there are 21 properties under contract. Days on market is indicative of the current market conditions and granted that there are a number of properties that may be over valued there are a great deal of values available. Communities like Bethany Proper, Bethany West, Bayberry Woods have shown adjustments to the market conditions and there is a single family in Bethany for under 350k, a Oceanfront in Bethany is under contract and the list price was below 2 million comparing that to an Oceanfront lot that sold in the summer for 3 million. If you have a specific property in mind please contact me anytime.
Bethany Beach, DE 19930