Dewey Market Warch 6/21/24 thru 7/16/24

The heat of summer is here making our beaches the best time of the year! The market has been very good for the previous three weeks. There were eight new listings, two being single family and six much needed condos. Four of the eight already went to contract within a very short period of time. These new listings add to the present inventory which wasn’t looking to awful bad but you have to be fast based off of the four pending contracts. Presently there’s three single family homes (fee simple) in Dewey and one in Dodds Addition. There’s two single family homes available in Indian Beach. Looking at Rehoboth By The Sea we have three active single family home listings. There’s six condos on the market, four in Dewey, one in Ann Acres and one RBTS leased land condo on Chesapeake. The inventory is still low and should remain low. The buyers are out there and fully educated by the abundance of real estate websites. The four pending contracts out of eight new listings in such a short period is proof of a very active and educated market! The interest rates haven’t changed a whole bunch. The rate for a 30 year fixed primary is in the upper 6’s, a 2nd home buyer is approx. 7% and an investor will be in the low to mid 7’s. I haven’t heard of any future rate drops, my guess is they’ll remain where they are until after the election in November. It’s a great time to just sit back, enjoy the weather, sunshine, sandy white beaches and all of the resort attractions! Summer’s the best time of the year!