Second quarter activity at Ocean Grove Condominiums dropped by one sale as the low inventory trend continues. the sales prices for both units were higher this quarter than last. Days on market, while reduced from last quarter, remains relatively high with an average of 74 days for the two active listings. Given we are in the high vacation rental season, as higher days on market at Ocean Grove Condominiums may not fully reflect buyer demand, as it can be difficult to sell at properties with back-to-back rental bookings. On the front, I am hearing from rental manager colleagues this year has seen a drop in bookings even with reduced rental rates. Inflationary pressures and other economic headwinds can hit both markets simultaneously. Stay tuned.
