Dewey Market Watch 2/28/24 thru 3/22/24

Spring has sprung!!! They are my most favorite words! Spring flowers, the return of our migrating shorebirds, the beach, warm weather, I could go on and on what makes springtime the best time of the year!!! The real estate market has been steady. There’s been five transactions in the previous three weeks. These numbers reflect the average amount of pending transactions for the previous months. We would hope to see these numbers increase during the spring market season but in order to do so then we have to see some additional new listings hit the market. I personally expect more listings in 2024 as people realize that we may be at the top of our market. Presently there’s four fee simple single family homes, four single family homes on leased land and four condos in Dewey and the surrounding communities. One of the new listings is my listing at 2103 D in Izzy Plaza. This unit offers a huge open floor plan that’s great for entertaining and a covered rooftop deck that further enhances the festive atmosphere. The home had a $54K rental income in 2023 with several weeks already booked into 2024. Custom colors, new stainless appliances and the list goes on and on. Better hurry on this one! The interest rates haven’t dropped much as promised. The rates are approx. 7% for a 30 year fixed on a primary residence and approx. 7.250% to 7.5% for a 2nd home buyer or investor. Please contact me if you’d like a free, no pressure market analysis on your home. It’s a wonderful time to enjoy the beach and all of the newly arriving shorebirds! Get out and enjoy Delmarva!!!