Dewey Market Watch 5/29/20 thru 7/15/20
Happy summer!!! It’s been a very , very strange summer! It’s been a summer like we’ve never experience before. The covid 19 has tremendously impacted our resort area. Summer was a little delayed due to the 14 day quarantine that was in place. Perhaps this is part of the reason for our real estate market going off of the charts with activity. I’ve been so overwhelmed in the past six weeks that it’s taken me this long to update my Market Watch. A 12-13 hour day is very typical with a six day work week. Typically we realize two sales a week in the immediate area of Dewey and within this market report. The last six weeks has realized 32 pending transactions almost triple the amount of normal activity! The low interest rates are fueling the fire. I’ve seen 30 year fixed go as low as 2.650% and 15 year mortgages as low as 2.165%. Every person who’s reading this should check their interest rate on their present mortgage to see if it’s worth a refinance. I’d have to guess 75% would benefit by a refinance. Appreciation is occurring in every single property within this report. The present market has lowest of inventories that I’ve seen since 2005-2006. If you like a property and don’t write on it immediately then it’s gone by tomorrow. It’s truly a sellers market and a buyers market. When that happens the inventory plummets as anxious buyers consume everything! Presently there’s six fee simple single family homes and two leased land single family homes. There’s only a meek 19 condos presently listed. My personal inventory is down to one listing in Dewey and one listing in Rehoboth. I sold all of my inventory in the last eight days. Incredible! SO I desperately need listings now and for the upcoming autumn season. The market has appreciated to new levels over the past couple of years. You may be very surprised to hear what your property is worth now in this very, very hot market. Considering listing or just wondering what your home’s value is worth? Give me a call and I’d be more than happy to educate you with today’s present market value.
Due to the numerous transactions vs my 12 hour days, I’m not going to comment on each transaction as I typically do. If you want more details please just click on the address and it’ll bring you to the actual MLS sheet as it’s listed in our MLS system. If you have further questions beyond that please feel free to call my cell anytime.
Be happy! Stay Safe! and have an enjoyable summer!!!
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 110 West St 28 yr lease @ $4,185. yr | Rehoboth By The Sea | 4bd/2ba | $769,000 |
| 21 Hall Ave. (back on the market) | Chancellery | 5bd/6ba 4,582 sq’ | $5,850,000 |
| 8 Venetian Dr. (back on the market) | Seabreeze Dev | 4bd/3ba 2,761 sq’ | $1,250,000 |
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 110 West St 28 yr lease @ $4,185. yr | Rehoboth By The Sea | 4bd/2ba | $769,000 |
| 305 Swedes St. | Seabreeze Dev | 5bd/3ba 2,400 sq’ | $795,000 |
| 27 Chesapeake St. | Rehoboth By The Sea | 6bd/3.5ba 2,600 sq’ | $2,247,000 |
| 25 Chesapeake St. | Rehoboth By The Sea | 7bd/3.5ba 2,600 sq’ | $2,247,000 |
| 123 Chesapeake St. | Rehoboth By The Sea | 5bd/3 fl ba/2 hlf ba 3,100 sq’ | $1,595,000 |
| 7 Houston St. | Rehoboth By The Sea | 5bd/4 fl ba/2 hlf ba 3,500 sq’ | $2,195,000 |
| 203 Salisbury St. | Seabreeze Dev | 5bd/2.5ba | $849,000 |
| 8 Venitian Dr. (canal front) | Seabreeze Dev | 4bd/3ba 2,761 sq’ | $1,250,000 |
| 27 Hall Ave. | chancellery | 7bd/8 fl ba/2 hlf ba 9,500 sq’ | $4,995,000 |
| 106 West St. | Rehoboth By The Sea | 3bd/2ba 1,000 sq’ | $1,150,000 |
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSED PRICE |
| 205 Jersey St. 53 yr lease @ $12,900 yr | Rehoboth By The Sea | 3bd/2ba | $529,900 | $510,000 |
| 13 Dagsworthy St (condominiumized) | Scrod Acres | 3bd/2ba 1,800 sq’ | $780,000 | $700,000 |
| 15 West St. 57 yr lease @ $27,500 yr | Rehoboth By The Sea | 7bd/5ba 3,600 sq’ | $999,000 | $965,000 |
| 38444 Carolina St | Rehoboth By The Sea | 5bd/4.5ba 3,000 sq’ | $1,425,000 | $1,300,000 |
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS PRICE | NEW PRICE |
| 36 Collins Ave. | Indian Beach | 4bd/1.5ba 1,558 sq’ | $1,435,000 | $1,399,000 |
| 31 Hall Ave | Chancellery | 5bd/6fl ba/2 hlf ba 6,413 sq’ | $2,950,000 | $2,650,000 |
| 18 Chesapeake St. 57 yr lease @ $27,692 yr | Rehoboth By The Sea | 3bd/2ba 1,158 sq’ | $809,900 | $799,000 |
| 14 Carolina St. 60 yr lease @ $29,184 yr | Rehoboth By The Sea | 3bd/2ba | $779,000 | $749,000 |
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 1609 Coastal Hwy | #105 Opal | 4bd/3ba | $549,900 |
| 20969 Rogers Ave. | #A Ocean Walk | 3bd/2ba | $499,900 |
| 1609 Coastal Hwy | #S207 Opal | 2bd/2ba 920 sq’ | $379,900 |
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 119 Collins Ave. | #112 Marina View | 1bd/1ba 1,000 sq’ | $385,500 |
| 100 Collins Ave | #104 Marina View | 1bd/1ba 1,026 sq’ | $375,000 |
| 2007 Bayard Ave. | #5 Baystrand | 3bd/3ba 2,100 sq’ | $799,000 |
| 107 Rodney Ave. | #C Marina Reach | 3bd/2.5ba 1,600 sq’ | $635,000 |
| 109 Dagsworthy St. | #D Rainbow Cove | 3bd/2ba 1,080 sq’ | $419,500 |
| 24 Dickinson Ave. | #7A Dewey Villas | 1bd/1ba | $325,000 |
| 24 Dickinson Ave. | #8A Dewey Villas | 1bd/1ba | $329,900 |
| 109R Dagsworthy St. | # C Rainbow Cove | 3bd/2ba 1,080 sq’ | $369,000 |
| 1301 Coastal Hwy. | #242 Lighthouse Cove | 3bd/3ba 1,578 sq’ | $1,099,000 |
| 100 Collins Ave | #204 Marina View | 1bd/1ba 1,026 sq’ | $378,900 |
| 35 Rodney Ave | #2 Dewey Beach Dev | 4bd/3.5ba 1,873 sq’ | $999,000 |
| 1301 Coastal Hwy. | #425 Lighthouse Cove | 2bd/2ba | $664,500 |
| 1301 Coastal Hwy. | #440 Lighthouse Cove | 4bd/3ba 1,547 sq’ | $999,900 |
| 1301 Coastal Hwy. | #258 Lighthouse Cove | 2bd/2ba 1,050 sq’ | $614,900 |
| 1301 Coastal Hwy. | #C413 Lighthouse Cove | 2bd/2ba 1,047 sq’ | $600,000 |
| 1301 Coastal Hwy. | #254 Lighthouse Cove | 2bd/2ba 1,077 sq’ | $599,900 |
| 1609 Coastal Hwy. | #302S Opal | 2bd/2ba 925 sq’ | $379,900 |
| 1609 Coastal Hwy. | #305S Opal | 2bd/2ba 920 sq’ | $385,000 |
| 20950 Ann Ave. | #11 Ocean Dunes | 3bd/2.5ba 1,685 sq’ | $499,900 |
| 107 Collins Ave | #501 Cove | 4bd/3ba 1,340 sq’ | $575,000 |
| 109 Read St. | #C Over Bay View | 4bd/4ba 2,000 sq’ | $825,000 |
| 31 Hall Ave. | Chancellery | 5bd/6fl ba/2hlf ba 6,413 sq’ | $2,650,000 |
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSED PRICE |
| 38373 F Benson St. | #2 Benson Proper | 2bd/1ba | $299,900 | $325,000 |
| 124 Swedes St. | #1 Swedes Street | 3bd/2ba 2,000 sq’ | $538,000 | $550,000 |
| 2 Saulsbury St. 6 yr lease @ $1,200. yr | #6 Colonial Seas | 2bd/2ba 900 sq’ | $185,000 | $165,000 |
| 107 Rodney St. | #C Marina Reach | 3bd/2.5ba | $650,000 | $615,000 |
| CONDOS INCREASED/DECREASED | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| 35 Rodney St. | #1 Dewey Beach Dev | 4bd/3.5ba 1,873. | $1,045,000 | $999,000 |
| 1301 Coastal Hwy. | #433 Lighthouse Cove | 3bd/3ba | $899,900 | $999,900 |
