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!!!