Dewey Market Watch 3/16/23 thru 4/10/23
Happy April!! Good times and excellent weather lie ahead. The day time temps are forecasted to be in the mid seventies to low eighties for the week ahead! The market is just as hot as the weather. There were four pending transactions within the previous three weeks. 1 Rodney sold in seven days. 109 Rodney Ave #D sold in ten days. 119 Collins #213 sold in four days and 1 Read Ave #103B sold in only three days. That equates to four new listings and they all sold within a week to a week and a half! Presently there’s only three single family homes for sale in Dewey (2 fee simple, 1 leased land), two condos and two Surf Club units (quarterly fractional shares). There’s a couple of homes for sale in Ann Acres and Poynters Addition and that’s it. Indian Beach, Sea breeze Dev, Country Manor, Killens Addition, Dodds Addition & Silver Lake Manor have zero listings as nothing is listed on the market. The interest rates have dropped below 6%. You can get a 30 year fixed, primary between 5.750% to 5.875%. The interest rates for 2nd homes and investments are slightly higher. Due to the lack of inventory appreciation is still occurring in not only Dewey Beach but all of the immediate resort areas. Are you wondering what your home is valued at in today’s present market, give me a call! You may be surprised at the value!
Happy springtime!!!
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 1 Rodney Ave | Dewey Beach | 3bd/1.5ba | $2,895,000 |
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 1 Rodney Ave. | Dewey Beach | 3bd/1.5ba ocean front | $2,895,000 |
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSED PRICE |
| 17 Jersey St. 54 year lease @ $30,592 yr. | Reho. By The Sea | 4bd/3ba 2,300 sq’ | $1,995,000 | $1,995,000 |
| 38189 Terrace Rd. | Silver Lake Manor | 2bd/2ba 50X118 lot | $1,195,000 | $1,150,000 |
| 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 |
| 123 Bellevue St. | #4 | 2bd/3ba 2,500 sq’ | $1,050,000 |
| 119 Collins Ave. | #213 Marina Views | 1bd/1ba 1,026 sq’ | $525,000 |
| 109 Rodney Ave. | #D Marina Reach | 3bd/2.5 1,500 sq’ | $1,250,000 |
| 1 Read Ave. quarterly fractional share | # 103B Surf Club | 0 bd/1ba 379 sq’ | $85,000 |
| 1 Read Ave. quarterly fractional share | # 211C Surf Club | 0 bd/1ba 476 sq’ | $69,900 |
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 119 Collins Ave | #213 Marina Views | 1bd/1ba 1,026 sq’ | $525,000 |
| 109 Rodney Ave. | #D Marina Reach | 3bd/2.5ba 1,500 sq’ | $1,250,000 |
| 1 Read Ave. quarterly fractional share | #103B Surf Club | 0 bd/1ba 379 sq’ | $85,000 |
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSED PRICE |
| 23 Rodney Ave | #D Tidewatch Apts. | 2bd/1ba | $599,000 | $575,000 |
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| N/A | N/A | N/A | N/A | N/A |
