Dewey Market Watch 11/10/22 thru 12/15/22

Happy holidays to everyone!!!

     You would think that the market has slowed especially with the higher interest rates but that’s not the case. There were four condo sales in the 1st week of December and that’s good for anytime of the year:) The new single family listing (2 homes on one lot) on Saulsbury street increased the inventory for single family homes to four active listings, three being fee simple and one on leased land. The only condo for sale is my listing at 23 Collins unit 2 D. Based on showing activity, I don’t think that it will last very long. There’s two Surf Club (quarterly fractional shares) units on the market and that’s it for the entire Dewey inventory. There’s a single family (commercial) home in Ann Acres and one single family in Poynters Addition for sale. There is no activity in Dodds Addition, Killens Addition and Silver Lake Manor. There’s no listings for single family homes in the Chancellery and Indian Beach. The only land for sale is a lot in Indian Beach and the commercial lot just north of Dewey on Ocean Hwy and Old Bay Rd. 

     The interest rates have actually come down a bit since my last update. The feds raised the rate yesterday but it didn’t impact the mortgage interest rates. The rate for a 30 year fixed is about 6.5%, yes of course with a point:) The ARMs are running about 5.6250% for a five year ARM, 5.8250% for a seven year ARM and 6.1250% for a ten year ARM. They’re still not the best but much better than what they were just a few weeks ago. There’s absolutely bare bones for an inventory. It would be a great time to list at the beginning of the new year. Please feel free to call me for a free no pressure market analysis to determine the value of today’s ever changing market’

I’d like to thank all of my clients this year and all of my previous years for a very successful 2022 season. I value our friendships developed over the years and thank every one of you:) Have a safe and joyous holiday season See you in 2023!!!

There was a rare Seastrand listing that was listed, pending and closed all within the day. The asking price was $1,295,000 and it closed for $1,225,000. I believe that the tax records weren’t updated. I believe this building was built in 1995 after the original building burned down.