Dewey Market Watch 9/9/23 thru 9/28/23

     It’s only a couple days away and we’re already into October. My last two hummingbirds left yesterday with the full moon so the summer of 2023 is officially over! The summer may be over but the market’s still pretty active. Interest rates have slowed the market in many areas of the country. Lucky for us, this is not our case. We are a niche resort market. Traveling from Broadkill Beach down to the MD/DE line in Fenwick and proceeding west 3-5 miles will always be active due to their proximity to the beach. Proof is in the pudding! Take a look at the three pending condos (see below). They were listed only days after my last market update. The average was six days on the market and they had pending contracts. The interest rates are hovering at 7% for a 30 year fixed primary and about 7.5% for a 2nd home buyer or investor. 

     Our inventory has picked up a little for the autumn selling season. Presently there’s four fee simple single family homes, one leased land single family home and four condos. We actually have inventory for building lots! We have a lot for sale in Dewey, a double commercial lot in Ann Acres and two homesites in Indian Beach. Are you looking for an investment opportunity, 2nd home? Please contact me and I’ll be happy to educate you with the Dewey and surrounding market. October’s a great beach month! Get out and enjoy!!!

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Dewey Market Watch 8/29/23 thru 9/8/23

Happy Friday! We have a little burst of new inventory in the last few days. There were four new listings and one is already sold. The new listings include one of the most expensive that I can remember in Indian Beach, asking $7,982,000. The 7,750 sq’ consists of 11 bedrooms, 7 full baths and two half baths. The upgrades are too numerous to mention. Please click on the address below for more details. The 2nd new listing is 109 Saulsbury. The 3bd/2ba is priced accurately and is being offered at $1,499,000. What’s this? There’s a rare  fee simple building lot on Buena St. Priced at $1.2M, this 50 X 100 listing will be gone in a flash! The 4th listing was a 2bed and two bath Opal unit. The listing went to contract in only four days. Time is of the essence on these listings. Please contact me immediately for more details, disclosures…. Have a super weekend! Hope this heatwave cools down a little:)

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Dewey Market Watch 7/29/23 thru 8/28/23

     Oh no!!!! Summer’s already coming to an end! Where did the time go? Hopefully everyone had an enjoyable summer filled with memories for the scrapbook:) The market remains the same, no inventory. I don’t know which is worst the lack of inventory or the interest rates for a 2nd home buyer or investor that are hovering about 8%. Buyers are still out there and many have the capability to pay in cash, borrow now and refi later… so it’s not the end of the world. 

     Presently in the town of Dewey there’s three fee simple single family homes, one single family on leased land and two condos. Outside of Dewey town limits on the west side of Ocean Hwy. there’s one single family home listed in Ann Acres. On the east side of Ocean Hwy. Silver Lake Manor just received a new listing on Terrace Rd. Indian Beach has a new listing at 22024 Coastal Hwy. This property boasts 7.82 ac of beautiful marsh land accompanied by some of the most spectacular sunsets possibly in the country! New record high asking and selling prices are now being realized. Four to five million dollar homes now grace our inventory.

     Autumn is here so the crowded beaches are a thing of the past! Locals get to get some sand under their feet and enjoy the peaceful sandy beaches, warm waters and friendly neighbor smiles. There’s lots of autumn events that will entertain us right thru the holidays. Summer rental incomes have been realized. Are you considering listing your home for the upcoming autumn season or just wondering the value in today’s market? Please contact me 302-381-5602 or joechoma@deweybeachhomesales.com. 

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Dewey Market Watch 6/29 thru 7/28

Happy sweltering summer! I know! Everybody hates this heat but I’m one of the goofballs that actually loves it!. Averaging 97 degrees all week! I love it. The state fair is in full swing and with it comes severe heat and thunderstorms for the last week in July. Get to the beach and cool off in the ocean:):) There’s not a whole bunch of real estate news to report this month. I had to wait a month for something to report on and this is it in it’s entirety. My listing at 105 Carolina went to contract almost immediately upon listing. My listing at 204 Jersey just closed @ $1.5M. 122 Jersey St. was a RBTS leased land lot only with an asking price of $925K. The 50 X 100 lot went pending in only six days. 18 Dagsworthy reduced their price from $1,625,000 to $1,450,000. Unit 211C in the Surf Club has a contract on it. Presently there’s four fee simple single family homes on the market and one leased land property. There’s two condos available and that’s it for in town Dewey. There’s one single family home in Ann Acres and one in Indian Beach. That’s it for the total inventory! The interest rates just took a hike! The rate for a 30 year primary is approximately 7% now. That means 7.5% for 2nd home buyers and investors. The very low inventory and the higher interest rates have me going to the beach this afternoon to enjoy what I moved here for nearly 40 years ago, the beach and the coooool ocean! Enjoy and have a safe summer:):)

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Dewey Market Watch 5/4/23 thru 6/28/23

      This is a delayed Market Watch update. I’ve been on the mend! Last Memorial weekend I contacted covid and it laid me up for two weeks. This Memorial weekend I landed in the hospital for four days with Pancreatitis. Not from drinking rather I was a small portion of the 6% that had a negative reaction to my blood pressure medicine the end result being pancreatitis. Not any fun by any means but back to enjoying every day life and the wonderful summer weather.

     The low inventory remains the same thus keeping our market very much alive. The inventory for single family homes has increased to five fee simple properties and two single family homes on leased land. Multiple offers are still occurring in our market. My listing at 204 Jersey St.  had multiple offers and is now pending settlement. My new listing at 105 Carolina St. is very unique. The home is the 2nd home in the 2nd block of highly sought after Carolina St.  **** The property is a leasehold from Rehoboth By The Sea. The present owner renegotiated the lease. The present lease has 26 years remaining, expiring in 2049. THE UNIQUENESS OF THIS LEASE IS THAT IT’S ONLY $5,219. A YEAR. The lease amount is increased every five years based on the CPI which is minuscule compared to the 3.5% increase per year in the most recent leases. Renovate the existing home or construct the home of your dreams! Better call me asap if you’re interested. This property will be gone immediately. Where are the condos??? There’s only two condos and one fractional share in the Surf Club on the market. We could surely use a few new condo listings. The interest rates have dropped a little bit. Present rates are 5.875% for a 30 year fixed primary so a 2nd home/investor would be in the low to mid 6’s.

Summertime, summertime, sum sum summertime! Summer’s in full swing! Let the good times roll!

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Dewey Market Watch 4/11/23 thru 5/3/23

     Welcome May!!! It’s a great time to be at the beach! ALL systems go! Summer happiness is upon us! Enjoy:) There were three new listings in the last three weeks. The 1st new listing is my listing at 204 Jersey St. The value is in the oversized 6,000 sq’ lot. Based on the showing feedback the vintage home that was built in 1971 offers the possibility of renovation and additions. Showings have been brisk so please contact me immediately if you have an interest. The 2nd new listing on Dodd Ave. is another oversized 7,000 sq’ lot with a home with a separate guest suite. The 3rd new listing is a single family home on a shared lot. The home has been totally renovated and shows like a charm! The property is located directly alongside of the Lifeguard station on Dagsworthy St.

     Pending transactions have been slow, slow, slow. The lack of inventory is the direct reason. Values in Dewey and the surrounding communities continue to escalate. Presently there’s three fee simple single family homes on the market, one single family on leased land. There’s only one condo and two Surf Club (fractional share) units available for sale. There are four available lots for purchase. There’s one in Indian Beach, one in Dodds Addition and two (commercial) lots on Ocean Highway. The interest rates have dropped to 5.750 for a 30 year fixed so overall the interest rates aren’t that bad. 

     My word of advise is simple, get out and enjoy the vacant beaches, state parks and waterways before the summer crowds descend upon us. The summer weather with no crowds is totally enjoyable!!! 

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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!!!

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Dewey Market Watch 2/16/23 thru 3/15/23

Happy springtime! This is my favorite time of the year. Many of the local businesses will open this weekend which is tradition for St. Patty’s weekend. The market has been very active. There were six pending contracts for the previous four weeks. There’s also some new inventory. In the town limits there is one new single family home, two new condos and two new Surf Club listings. Presently in Dewey town limits there’s two (fee simple) single family homes for sale and one single family home on leased land. There’s two condos for sale and one quarterly fractional share in the Surf Club which rounds out the entire inventory in Dewey. There’s one single family home in Ann Acres and one home for sale in Poynters Addition. There are no active listings in Dodds Addition, Killens Addition and Silver Lake Manor, Indian Beach and the Chancellery. Judging by the asking prices of some of the new listings, I don’t see any significant drop in values. Time will tell when they go to contract. The interest rates are remaining stable. The interest rate for a 30 year fixed primary is approximately 6%. Buyers are out there in strength. We desperately need some fresh inventory to continue positive trend that we’re in.  Please contact me for a free, no pressure market analysis to bring you up to date with our very active market.

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Dewey Market Watch 1/19/23 to 2/15/23

     Hello from good old Dewey Beach! I hope everyone had an enjoyable Valentine’s day! Our immediate market is very active right now. We’re lucky to get three new listings coming in the next couple of days. There are two fee simple single family homes, 1 single family on leased land and two condos for sale within Dewey town limits. There’s one single family fee simple in Silver Lake Manor and one single family/commercial home in Ann Acres. That’s the entire inventory! The interest rate rose just a tiny bit. The interest rate for a 30 year fixed with 20% down is 5.875%. Programs with 5% down are available for the same rate. The rate for a 2nd home would be in the low 6% range. I’m hearing  mixed reviews, some saying the rates are going to raise and some saying they’re going to remain stable. The interest rates are not our immediate problem, the lack of inventory is! Pricing and values continue to remain stable. Please contact me for a free no pressure evaluation of your home:)

     It’s a very exciting part of the year. The days are getting noticeably longer. Many of the resort businesses open up in March. Upcoming events include St. Patty’s Day, Admirals Day and surely of course the Bacon Fest. Good times ahead! I’m looking forward to all of the spring events that are about to unfold. Happy springtime! See you soon!!!

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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!!

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