Dewey Market Watch 12/16/22 thru 1/18/23

Happy new year to everyone! I’m excited to see what 2023 has in store for us. One thing is for sure, there will be plenty of sunshine, ocean breezes and a good time had by all. The days are getting longer and we’re all getting that much closer to springtime:) The 1st good news for the new year is the drastic drop in the interest rates. The rate for a primary 30 year fixed has dropped to 5.389%. Jumbo rates have dropped as well and is currently at 5.5%-5.875%. The interest rates are not our problem, the lack of inventory is. The buyers are out there! I listed 122B New Orleans and we had 10 scheduled showings in the first two days. The 2nd person that viewed it, bought it. 12 Van Dyke was an ocean block condo that sold in only a couple of weeks and this was all during the holidays. There’s only three single family homes (2 leased land, 1 fee simple) for sale and one condo in Dewey. There’s one home for sale in Ann Acres and one in Poynters Addition and that’s the entire inventory. We’re going into the spring season and we only have five active listings. Supply and demand is the name of the game. It’s an excellent time to list your home while there’s no inventory and a significant rate drop. Please call me for a free ,no sales pressure market analysis. 

Happy new year! Think spring!!