Dewey Market Watch 8/27/20 thru 11/4/20

The real estate market continues to be outstanding in Dewey and the surrounding communities. The election didn’t even slow the pace! I’ve witnessed five elections since I’ve been in business. The industry typically slows down considerably prior to an election but not this time. The low interest rates continue to fuel the fire. Rates are presently at 2.5% for a 30 year conventional, 3.00% for a 30 year jumbo and 2.675 for a 15 year jumbo. That’s almost free money! Most new listings are sold within the 1st week or two of listing the property. Inventory remains critically low. Now is the time to sell! You may be very surprised to see what the value of your property is in today’s present market. Please feel free to contact me for a free, no pressure analysis. Be well, stay safe!!!

All of my closings and several pending transactions (below) will appear a little differently when you click on the address. My website is being updated and I pulled info directly from our MLS. All information is exactly the same:)

The inventory for fee simple single family homes in Dewey is semi stable for fee simple properties . Homes are selling in record time. The There are 12 fee simple homes presently on the market. Two homes are available on RBTS leased lands. The average number of days for the last 10 transactions AVERAGED 9 days on the market. Please take note of the asking prices of  the leased land properties $895K,$949,500,$949,500, $889K & $525K. These renovated homes mostly consist of the old Windjammer model and homes from the mid 60’s. These numbers reflect some serious appreciation in Rehoboth By The Sea! Inventory in the surrounding communities include one home in Ann Acres, one in Country Manor, one in Silver Lake Manor, two in Indian Beach and one in the Chancellery. These surrounding communities surely could appreciate some fresh listings to increase the inventory.

There are three pending contracts for single family on leased land. The asking prices for these homes from yesteryear are $825K, $949,500 & $895,500 thus proving the increased value of the Rehoboth By The Sea properties. Rehoboth By The sea properties have been selling within their 1st week of listing. There were three fee simple home that went pending and one from Indian Beach. The value in the entire single family home market has realized some very serious appreciation over the last couple of years. 

No surprise here! Two price increases at 3 Clayton & 111 Cullen. Sellers are adjusting accordingly to the very active market. The home on Andrew Ave reduced their asking price by $50K to $1,349,000. The only home for sale in Silver lake manor, 38142 Terrace reduced their price by $5K to $924,900

127 Chesapeake was a lake Comegys water front home. The home listed for $1,695,000 and sold for full price in only three days on the market. 14 Carolina was an ocean block leased land property. The property was listed at $735K and sold for full price. 111 Bellevue was a duplex with two rental licenses. The home could have been sold  individually as two condos or as a single family home.  21 Hall in the Chancellery was an ocean front compound that dreams are made of. The asking price was $5.5M and sold for full price in only 43 day. Incredible!

Only three new Lighthouse Cove units are available for sale. Number five Seawinds is an ocean front  unit being offered for $1,850,000. One condo in Ann Acres. 12 Dickinson is the 3rd building complex (Dewey Dunes) off of the ocean. The 4bd/3.5 bath is being offered at $990K. My new listing at 100 Anchor Way is a spacious 4bd/3.5ba that offers nice bay views and has a proven rental history! 101 Anchor Way is a smaller 3bd/2ba with an asking price of $646K and is already pending contract. Unit #4 in Colonial Seas is an ocean front 3bd/2ba on Rehoboth By The Sea leased land property. Six years remain on the lease @ $1,200 a year and the unit generates a $50K rental income.

Lighthouse Cove has been the staple of the inventory for condos in Dewey for the past several years. There are only three remaining units for sale thus you see many resales in this update. Pricing for the resales has escalated and will be the new norm for the condo market. The last 14 transactions have gone to contract on the AVERAGE in 12 days on the market. Many recent transactions have sold at asking prices that didn’t have the comparables available for the sale to appraise. Many buyers are bringing the difference from the contract price vs the appraised price. The condo market has been unbelievably hot!!!

All five of the decrease in pricing came within the ocean block. Two of the price reductions came within the ocean front Wilson Dunes complex. The 3rd price reduction was my listing at 1406 Coastal Hwy unit 3I. This 3 bed unit was gently rented and used mostly by the owners as a weekend retreat. 19 McKinley is a mid ocean block duplex being offered for $1,385,000. Unit #4 in Colonial Seas is an ocean front, Rehoboth By The Sea leased land property. Six years remain on the lease @ $1,200 a year. A $50K rental income would surely offset an asking price of $259,900

There are way too many transactions to review each individually. What’s to learn from all of these transactions? Review the asking price and then review the selling price. Six of the transactions were for full asking price and two were over asking price. The remaining transactions all closed very close to their asking price. As previously mentioned in the pending condo (above) the last 14 condo transactions closed within 12 days from the listing date. These closings represent all different sizes, locations, pricing, new vs old so it’s a good overall picture of the recent condo market.