Dewey Market Watch 3/23/24 thru 4/23/24

Happy springtime!! I just saw my 1st hummingbird yesterday which makes it officially summer in my book! The forecast is 78 on Sunday and into the mid eighties next week which again makes it officially summer:) The market has been a little slow for the spring selling season. I actually had to delay my market update until we got a little activity. There were only two new single family listings and one new condo listing for the previous month’s activity. There were two leased land single family homes and three condos that went to contract. Typically there should be about 7-8 transactions if not more for four weeks in the spring selling season. Multiple offers are still occurring if the property is priced properly. I had several offers on my Izzy Plaza listing and I know of several more within this update so the market still remains very strong despite the higher interest rates. There were eight closings from the previous month. Presently in our immediate market area there’s six fee simple single family homes, two leased land single family homes and four condos. Inventory is surely increasing in our market and nationwide. We only had one single family home and one condo on the market not that long ago. The interest rates remain the same as my last report. The rate for a primary, 30 year fixed is hovering about 7%. The rates for a 2nd home might be a little higher at approx. 7.250% and last but not least 7.50% for our investor loans. Where’s the four or five rate drops that we were supposed to see? The good news is that 75% of my buyers (Dewey & Rehoboth) are cash. I personally don’t think that the higher interest rates have effected our market one little bit. The multiple offers and full contract prices are the proof.  It’s the best time of the year to list and sell a property. Please contact me for a free market analysis. Spring is here! Life is good! Get outside and enjoy our beaches and parklands!!!