Dewey Market Watch 3/10/25 thru 4/2/25
Spring has sprung! Spectacular colors abound from all of the blooming flowers and trees. Last weekend we hit 80 degrees with a slight warm wind out of the south west which created the first summerlike beach day. It was a day that everyone was waiting for after such a brutal winter. The market realized six pending contracts in the last three weeks which is exactly the average for this time of the year. Single family (fee simple) home sales accounted for four of the closings. The closings were scattered to include two in Rehoboth By The Sea, one in Indian Beach and one in Dodds Addition. Strong sales continue with another Lighthouse Cove unit going to contract. The Seastrand ( RBTS leased land only) has a new record high closing @ $1,590,000. The quarterly fractional share units at the Surf Club closed on two transactions and continue to be an affordable popular item on the market. Presently the market includes six fee simple single family homes, two leased land single family homes, five fee simple condos, one leased land condo & two quarterly fractional share units in the Surf Club. That’s a minimal inventory for the upcoming spring selling season. The interest rates haven’t changed and remain in the mid 6.00’s to 7% depending on what you’re borrowing. I expect above average tourism in the months ahead, a direct impact of the unusually cold, snowy winter. Perhaps shopping for a new beach home???? We could surely use a few new listings to boost our spring inventory. Please contact me for a free market analysis. Enjoy your happy colorful spring!!!
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 111 Carolina St. 50 year lease @ $18,500 active 4/4 | Rehoboth By The Sea | 3bd/2ba | $1,750,000 |
| 102 West St. (BOM) 51 year lease @ $25,420 yr | Rehoboth By The Sea | 6bd/3ba 2,000 sq’ | $1,172,000 |
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 17 St. Louis St. | Rehoboth By The Sea | 6bd/5.5ba 3,500 sq’ | $2,999,999 |
| 40 Beach Ave. | Indian Beach | 7bd/7.5ba 4,200 sq’ | $4,650,000 |
| 10 Saulsbury St. | Rehoboth By The Sea | 7bd/6fl ba/2hlf ba $2,950 sq’ | $2,500,000 |
| 38262 Anna B St. | Dodds Addition | 4bd/4.5ba 2,400 sq’ | $2,300,000 |
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSED PRICE |
| 21003 Dodd Ave. | Ann Acres | 4bd/2.5ba 2,126 sq’ | $1,249,000 | $1,275,000 |
| 304 Dutch Rd. | Seabreeze Dev | 6bd/3.5ba 2,079 sq’ | $1,824,000 | $1,500,000 |
| 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 |
| 1301 Coastal Hwy. | #350 Lighthouse Cove | 2bd/2ba 1,077 sq’ | $1,020,000 |
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 1301 Coastal Hwy. | #V422 Lighthouse Cove | 2bd/2ba 1,077 sq’ | $1,030,000 |
| 2003 Bayard Ave. | #11 Baystrand | 3bd/2ba 1,212 sq’ | $925,000 |
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSED PRICE |
| 2 Seastrand Ct. 53 year lease @ $22,680. yr | #33 Seastrand | 4bd/2.5ba 1,600 sq’ | $1645,000 | $1,590,000 |
| 103 Bayside Ct. | #9 Bayside Court | 3bd/3ba 2,000 sq’ | $1,100,000 | $1,100,000 |
| 1 Read Ave (quarterly fractional share) | #209C Surf Club | 0bd/1ba 476 sq’ | $85,000 | $85,000 |
| 1 Read Ave. (quarterly fractional share) | #207B Surf Club | 0bd/1ba 476 sq’ | $95,000 | $91,000 |
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| 3 Seastrand Ct. 54 year lease @ $22,680. yr | Seastrand | 4bd/3.5ba 2,200 sq’ | $1,695,000 | $1,599,999 |
| 1406 Coastal Hwy. | #3D Delano | 2bd/2ba 1,037 sq’ | $765,000 | $750,000 |
| 20960 Rogers Ave. | El Capitan | 2bd/1ba 478 sq’ | $435,900 | $425,000 |
