The Lewes real estate market has very low inventory right now. This means we are in a seller's market. A seller's market is defined by having less than 6 months of supply on the market. Months supply is a metric to determine what kind of real estate market you are in. It means how many months would it take the supply of homes on the market to sell off if no new listings come on the market. It is calculated by taking the total number of homes sold within the past year then dividing that number by 12 to get how many homes sell a month on average. Then you take the number of homes currently on the market and dividing that by the average of homes sold each month to get months supply. If months supply is over 6 then it is a buyers market, if it is below 6 that's a seller's market, and 6 is a balanced market. I have provided an example below with real numbers from the Lewes market.
Homes sold in Lewes, DE in the past year: 561
Average per month (561 / 12): 46.75
Homes currently on the market: 226
Months supply (226 / 46.75): 4.83
As you can see the months supply is below 6 meaning inventory is low and that we are in a seller's market.
Whether you are buying or selling in Lewes it is necessary to have a skilled Lewes real estate agent on your side. If you are buying there are still great homes available out there even though inventory is rather low. Searching for homes in Lewes or looking for Rehoboth Beach real estate is always easier if you have a licensed Realtor working with you.