Dewey Market Watch 10/17/24 thru 11/19/24
Happy Holidays to everyone! Before you know it, the holidays will be over, the days will be getting longer and spring is on the way! Wishful thinking!! LOL The Dewey area market remains to be very strong. Typically the market slows prior to an election but that wasn’t the case this time around. There were six pending contracts for the previous month coupled with four new single family listings and two condos. Our inventory is now well stocked with 11 single family homes on the market and nine condos. Ann Acres, Killens Addition, Silver Lake Manor, Indian Beach & Rehoboth By The Sea all have inventory now!! We haven’t seen this much inventory for years. There were six price reductions for the previous month possibly indicating the top of the market. Now that the election is over, I’m anxious to see what the rates do. We were promised 4-5 rate drops last year but only one was given. It really didn’t impact the interest rates at all. The rates are hovering around 7% for a 30 year fixed, slightly more for 2nd home and investors. I’m excited to see what the market will bear in 2025. We’ll have a well stocked inventory and hopefully we’ll see a few rate drops. I believe that 2024 out sold 2023 and I fully expect 2025 to be a banner year. It’s that time of the year where families gather to celebrate the holidays. Please be mindful of the many, many homeless as winter’s cold settles in. Have a safe and joyous Thanksgiving!!!
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 103 Carolina St. 52 year lease @ $25K yr. | Rehoboth By The Sea | 4bd/3.5ba | $2,075,000 |
| 20965 Rogers Ave. | Ann Acres | 5bd/2.5ba 2,456 sq’ | $1,274,900 |
| 20961 Rogers Ave. | Ann Acres | 3bd/1ba 1,211 sq’ | $949,900 |
| 38386 F Benson St | Killens Addition | 5bd/4.5ba 4,480 sq’ | $2,200,000 |
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 38226 Anna B St | Dodds Addition | 4bd/5ba 3,500 sq’ | $1,925,000 |
| 22024 Coastal Hwy | Indian Beach | 4bd/4.5ba 4,704 sq’ | $3,200,000 |
| 17 St. Louis St. | Rehoboth By The Sea | 5bd/5.5ba | $3200,000 |
| 38242 Robinson Dr. | Silver Lake Manor | 4bd/3ba | $1,499,000 |
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSED PRICE |
| N/A | N/A | N/A | N/A | N/A |
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS PRICE | NEW PRICE |
| 10 Saulsbury St | Rehoboth By The Sea | 7bd/6fl ba/2 hlf ba | $2,650,000 | $2,500,000 |
| 38175 Robinson Dr. | Silver Lake Manor | 5bd/5.5ba 2,340 sq’ | $1,649,000 | $1,639,000 |
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 1701 Coastal Hwy. | Opal N 301 | 1bd/2ba 821 sq’ | $499,900 |
| 1609 Coastal Hwy. | Opal S 202 | 2bd/2ba | $799,900 |
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 2 Van Dyke St. | Seawinds U 5 | 4bd/2.5ba 1,800 sq’ | $2,550,000 |
| 1 Read Ave. quarterly fractional share | Surf Club 303 D | 0bd/1ba 476 sq’ | $89,900 |
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSED PRICE |
| 119 Collins Ave. | Marina Views | 1bd/1ba 1,000 sq’ | $639,500 | $639,500 |
| 116 Bellevue St. | Rainbow Cove | 3bd/2ba 1,100 sq’ | $688,000 | $677,000 |
| 1301 Coastal Hwy. | Lighthouse Cove #453 | 2bd/2ba 1,077 sq’ | $1,025,000 | $1,014,500 |
| 1301 Coastal Hwy. | Lighthouse Cove # | 2bd/2ba | $1,100,000 | $1,025,000 |
| 111 Dagsworthy St. | Rainbow Cove #C | 3bd/2ba | $724,900 | $695,000 |
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| 1607 Bayard Ave. | Ann Acres | 5bd/4.5ba 3,000 sq’ | $1,545,000 | $1,445,000 |
| 1406 Coastal Hwy. | Delano | 2bd/2ba 893 sq’ | $849,000 | $824,900 |
| 1406 Coastal Hwy. | Delano | 2bd/2ba 1,037 sq’ | $830,000 | $799,000 |
| 1 Read Ave quarterly fractional share | Surf Club 113 B | 0bd/1ba | $79,000 | $77,000 |
