Dewey Market Watch 4/12/22 thru 5/15/22

      We have sun!! What a nor ‘eastern! Wind gusts up to 72mph! There was a lot of beach erosion but not to worry, the summer ocean currents will bring it back naturally and all will be good! What a month in real estate. I believe that we’re at the very top of the market and things are about to change. I sold a home to my nephew in Feb. and his rate was 3.50%. The rates in May have been hovering between 5.50% up to 5.875% with rumors of up to another half dozen increases this year to help stop the inflation. Properties are still selling and our present market is still strong. What I am noticing is price reductions throughout the area, longer days on the market, contracts with contingencies and home inspections again. Speaking with Realtor friends from the north and west of our state, they realized a bit of a slow down and similar market changes about four months ago. We are a resort niche! Our market is so different than the surrounding areas because so many of our properties are bought as investments accompanied with strong rental incomes. The rising interest rates might slow our market a bit but will not stop it. I expect many owners who were sitting on the fence (to list) as prices continued to rise will hopefully list their homes and increase our inventory. I think that this will happen during the course of the year. The 11 pending contracts in a one month period is still way above pre covid statistics. Please call me if you’d like a value on your home for possible listing consideration.

      The summer season is fully upon us. Life is good, let’s keep it that way. The town of Dewey installed posts with a nice nautical rope connecting them all, this was done to reduce the possibility of an pedestrian accident. PLEASE use all of the designated crossovers and I’d suggest hitting the flashing light button before you cross. PLEASE exercise extreme caution while driving in all of our resort towns. Happy summer!!!!