Dewey Market Watch 9/7/24 thru 10/15/24
Happy Autumn! We just received our 1st frost of the year!! I’m already missing the summer! The market remains very active. Four new single family homes and three new condos increases our boosted inventory. We finally have a few homes for sale in the Forgotten Mile! How active is the market? Take a peak at the five pending condo contracts and one land sale:) Are we seeing the peak? This year’s appreciation is 6% ytd compared to 6% in 2023. Just after covid we were seeing record high appreciation at 26% & 24% per year. We are still seeing a few multiple offers when a property is priced right. We are noticing many more price reductions within the market, on the other hand I continue to see identical units sell for more than the last. The lighthouse Cove and Rainbow Cove are fine examples of this (see below). The days on the market has increased, possibly indicating the beginning of a market slow down. Prices aren’t going to drop overnight like they did in the early 2000’s boom but pricing and values will level off. The interest rates remain the same. 6.250 for a 30 year primary, 6.375 for a jumbo and slightly higher for an investor or 2nd home buyer. Typically the market slows just before an election but it’s not this year. Business usually slows a bit during the holidays, maybe this year it won’t!
The annual cancer jog drew a monster crowd as always and it couldn’t be for a worthier cause. A huge thank you goes out to everyone who attended. Another popular fall event is the Sea Witch festivities scheduled on October 25th thru October 27th. The autumn weather starts our morning’s off a little chilly but afternoon temperatures in the mid 70’s has been offering us excellent beach weather! Get out and enjoy!!!
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 17 St. Louis St. | Rehoboth By The Sea | 6bd/5.5ba 3,500 sq’ | $3,200,000 |
| 38226 Anna B St. | Dodds Addition | 4bd/5ba 3,500 sq’ | $1,925,000 |
| 38175 Robinson Dr. | Silver Lake Manor | 4bd/5.5ba 2,340 sq’ | $1,649,000 |
| 38242 Robinson Dr. | Silver Lake Manor | 4bd/3ba | $1499,000 |
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| N/A | N/A | N/A | N/A |
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSED PRICE |
| 24 Carolina St. 51 year lease @ $28,944 yr | Rehoboth By The Sea | 7bd/3.5ba 2,200 sq’ | $2,295,000 | $2,300,000 |
| 21124 Andrew Ave. | Ann Acres | 3bd/2ba 776 sq’ | $1,000,000 | $1,000,000 |
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS PRICE | NEW PRICE |
| 23 Jersey St. | Rehoboth By The Sea | 4bd/2fl ba/3hlf ba | $3,399,000 | $3,200,000 |
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 1406 Coastal Hwy. | #3A Delano | 2bd/2ba | $849,000 |
| 1406 Coastal Hwy. | #3B Delano | 2bd/2ba | $850,000 |
| 1 Read Ave quarterly fractional share | #209C Surf Club | 0bd/1ba 476 sq’ | $85,000 |
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 1301 Coastal Hwy. | #453 Lighthouse Cove | 2bd/2ba 1,077 sq’ | $1,025,000 |
| 1301 Coastal Hwy | #C415 Lighthouse Cove | 2bd/2ba | $1,100,000 |
| 119 Collins Ave. | Marina Views | 1bd/1ba 1,000 sq’ | $639,500 |
| 116 Bellevue St. | #8 (unit D) Rainbow Cove | 3bd/2ba 1,100 sq’ | $688,000 |
| 111 Dagsworthy St | #C Rainbow Cove | 3bd/2ba 1,100 sq’ | $724,900 |
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSED PRICE |
| 1909 Coastal Hwy. | #A-5 Ocean Winds Village | 3bd/2.5ba 1,400 sq’ | $795,000 | $795,000 |
| 1 Read Ave. quarterly fractional share | #111 Surf Club | 0bd/1ba 476 sq’ | $65,000 | $65,000 |
| 121 Chesapeake St. 60 year lease @ $22K yr | #1 Sea Haven | 2bd/1ba | $475,500 | $475,000 |
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| 1406 Coastal Hwy | #3D Delano | 2bd/2ba 1,037 sq’ | $895,000 | $830,000 |
| 38389 F-Benson St. | #15 Dodds Addition | 3bd/1.5ba 1,205 sq’ | $860,000 | $825,000 |
| 1 Read Ave. quarterly fractional share | #303D Surf Club | 0bd/1ba | $95,000 | $89,900 |
| LAND | LOCATION | SIZE | ASKING PRICE |
| 9 Hall Ave. | Indian Beach | .23 ac 100 X 100 | $3,950,000 |
| 20968 Coastal Hwy | Ann Acres | 100 X 100 double commercial lot | $1,450,000 |
| 114 Jersey St. RBTS 56 year lease | Rehoboth By The Sea | 50 X 100 | $1,050,000 |
| 1252 King Charles RBTS 60 year lease | Rehoboth By The Sea | 50 X 100 | $950,000 |
| Rt 1 & Old Bay Rd. under contract | Rehoboth | .87 ac commercial | $1,100,000 |
