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!!

 

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
17 Jersey St. 54 year lease @$30,592 yr Reho. By The Sea 4bd/3ba   2,300 sq’ $1,995,000

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
106 & 108 Saulsbury St.   2 homes Reho. By The Sea 6bd/4ba    2,229 sq’ $1,500,000

 

SINGLE FAMILY CLOSED LOCATION SIZE  ASKING PRICE CLOSED PRICE
27 Manor Dr. Country Manor 4bd/3.ba  1,960 sq’ $824,900 $800,000

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
N/A N/A N/A N/A N/A

 

 

CONDOS NEW BUILDING SIZE ASKING PRICE
122 New Orleans # B 118 New Orleans Condos 3bd/2.5ba $799,000
12 Van Dyke Ave #3 Ocean Five 4bd/3.5ba $1,400,000

 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
122 New Orleans St. # B 118 New Orleans Condos 3bd/2.5ba $799,000
12 Van Dyke Ave #3 Ocean Five 4bd/3.5ba $1,400,000
1 Read St. quarterly fractional share #110C Surf Club 0bd/1ba       476 sq’ $69,900

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
227 Swedes St. Tree Tops 3bd/2.5ba    1,600 sq’ $795,000 $810,000

 

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
23 Collins Ave. # 2 D Tidewatch 2bd/1ba $629,000 $599,000