Dewey Market Watch 5/16/22 thru 7/5/22
Happy summer!!! It’s good to be back on my feet:) I missed the first six weeks of summer after catching covid on Memorial weekend. No fun but back to enjoying this gorgeous summer:) Due to my covid this market watch is for the previous seven weeks. There hasn’t been a lot of activity due to the minimal amount of listings (same old story). Values appear to be holding steady and then some. The four closings for single family homes realized one listing selling for full asking price and the three remaining closings all closed ABOVE asking price. The condo market also has three closings over the asking price and one unit sold for full price. That’s some pretty strong statistics. The interest rates have been fluctuating on a daily basis. The interest rates breached at slightly over 6% for a short time but since then have come back down to 5.375%. The market remains strong in the immediate resort areas. Rental incomes have been on the rise thus keeping investors and 2nd home buyers in the market. That’s not the case in all of the area markets. I just reviewed the 3 day holiday hot sheet. There were 28 price reductions in Sussex, something we haven’t seen in some time.
Please use extreme caution when driving or walking through Dewey! MANY drivers are still oblivious to the flashing yellow lights and the crosswalks. Walking? Look three times and cross with extreme caution, don’t expect everyone to stop! Patience, patience everyone. Businesses are still short staffed so everyone needs to have a little patience and be respectful to those who are working. Grab a drink or two or three and enjoy the summer and everything that Dewey has to offer:):)
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 21 St. Louis St. 55 year lease @ $28K yr. | Rehoboth By The Sea | 5bd/3ba | $1,642,150 |
| 13 Bellevue St. | Rehoboth By The Sea | 6bd/5.5ba 4,700 sq’ | $4,199,000 |
| 20 St. Louis St. | Rehoboth By The Sea | 4bd/2ba 1,508 sq’, 7,405 sq’ lot | $3,795,000 |
| 205 Carolina Ave. 60 year lease @ $28K yr. | Rehoboth By The Sea | 3bd/1ba 1,750 sq’ | $1,200,000 |
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 115 Clayton St. | Rehoboth By The Sea | 6bd/2ba 2,100 sq’ | $1,675,000 |
| 20920 South Ave. | Poynters Addition | 6bd/4ba 2,288 sq’ | $1,180,000 |
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSED PRICE |
| 121 Cullen St. 54 year lease @ $18,350 yr. | Rehoboth By The Sea | 3bd/1.5 ba 1,450 sq’ | $1,249,000 | $1,250,000 |
| 38292 Blackstone Ave. | Silver Lake Manor | 5bd/3.5ba 2,421 sq’ | $1,899,900 | $2,000,000 |
| 11 West St. | Rehoboth By The Sea | 3bd/1ba | $2,400,000 | $2,500,000 |
| 15 Bedford Ave. | Indian Beach | 4bd/2.5ba | $2,650,000 | $2,650,000 |
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS PRICE | NEW PRICE |
| N/A | N/A | N/A | N/A | N/A |
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 23 Houston St. | #1 Ocean View 2 | 2bd/1ba | $600,000 |
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 1701 Coastal Hwy. | #N301 Opal | 1bd/2ba 821 sq’ | $450,000 |
| 38372 F Benson St. | Dodds Addition #1 | 2bd/1ba 1,020 sq’ | $219,000 |
| 1 Read Ave. (quarterly fractional share) | #212A Surf Club | 0bd/1ba 480 sq’ | $74,900 |
| 1 Read Ave. (quarterly fractional share) | #313D Surf Club | 0bd/1ba 480 sq’ | $83,000 |
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSED PRICE |
| 1 Swedes St. | #4 Beachcomber | 2bd/1.5ba 760 sq’ | $869,000 | $819,000 |
| 26 Van Dyke St. | #D Van Dyke Villas | 4bd/3.5ba 1,900 sq’ | $995,000 | $1,000,000 |
| 38172 Robinson Dr. | #10 Robinson Square | 2bd/2.5ba 950 sq’ | $499,000 | $520,000 |
| 38399 F Benson St. | #19B Benson Place | 3bd/1.5ba | $699,900 | $751,000 |
| 3 Collins Ave | #B Sea Mist | 4bd/2.5ba 1,875 sq’ | $2,100,000 | $1,925,000 |
| 2009 Bayard Ave. | #108 Cajun Cove | 2bd/2.5ba 1,296 sq’ | $799,000 | $799,000 |
| 1701 Coastal Hwy. | #N301 Opal | 1bd/2ba 821 sq’ | $450,000 | $413,000 |
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| 105 Dagsworthy St. | #C Rainbow Cove | 3bd/2ba 944 sq’ | $639,900 | $625,000 |
| COMMERCIAL | BUSINESS | SIZE | ASKING PRICE | CLOSED PRICE |
| 2206 Coastal Hwy. | Colliers canvas repair 1st fl | 2bd/2ba apt 2nd fl | $1,950,000 | pending |
| 1205 Coastal Hwy | formerly Mez Cali 1st fl | 2bd/2ba apt 2nd fl | $1,300,000 | $1,150,000 |
| LAND | LOCATION | SIZE | ASKING PRICE | CLOSED PRICE |
| 119 Jersey St. 60 year lease @ $16,200 yr. | Rehoboth By The Sea | 50 X 100 | $1,000,000 | $1,100,000 |
| lot 26 N Pepper Ave. | Indian Beach | 90 X 82 7,425 sq’ | $2,595,000 | active TBD |
