Dewey Market Watch 7/17/24 thru 9/5/24

    OH NOOO! The summer is over in a blink of an eye! This was my fastest summer ever. I had the chore of settling my mother’s estate and had very little time for my typical summer activities. The market on the other hand has been a little on the slow side. This market update is for six weeks but it has the activity that previously took place in three weeks maybe less! Election years are typically slow in the summer months ahead so we’ll wait to see what the new year brings us. New industry standards now require all potential buyers must sign a buyers agency agreement that may have them paying the Realtor commission. This is a new national requirement that arose from a major industry changing lawsuit. All of the transactions that I’ve been involved with, the sellers were still offering compensation to the buyers agents not the buyers paying it. Buyers now also have the ability to represent themselves in any transaction. I’ll be sending out another update in the days to come that will totally explain the change in the industry that will surely impact everyone. The new regulations were scheduled to begin on July 15th but were delayed until August 17th. This may have also attributed to the very slow summer activity and the months ahead. 

     The inventory has increased dramatically. Presently there’s eight fee simple single family homes and one leased land home on the market. There’s seven condos and three fractional share Surf Club units available. That’s a pretty good inventory compared to recent market activity. The interest rates have dropped dramatically. The interest rate for a 30 year fixed, primary is 6.35% which is considerable down from the earlier 7’s.. Second home buyers and investors are slightly higher. It’ll be interesting to see how the remainder of the year plays out. Autumn is here which means it’s a little easier getting around town! Now that the summer crowds are gone, get out and enjoy our white sandy beaches!!! Enjoy!