Dewey Market Watch 5/29/20 thru 7/15/20

Happy summer!!! It’s been a very , very strange summer! It’s been a summer like we’ve never experience before. The covid 19 has tremendously impacted our resort area. Summer was a little delayed due to the 14 day quarantine that was in place. Perhaps this is part of the reason for our real estate market going off of the charts with activity. I’ve been so overwhelmed in the past six weeks that it’s taken me this long to update my Market Watch. A 12-13 hour day is very typical with a six day work week. Typically we realize two sales a week in the immediate area of Dewey and within this market report. The last six weeks has realized 32 pending transactions almost triple the amount of normal activity! The low interest rates are fueling the fire. I’ve seen 30 year fixed go as low as 2.650% and 15 year mortgages as low as 2.165%. Every person who’s reading this should check their interest rate on their present mortgage to see if it’s worth a refinance. I’d have to guess 75% would benefit by a refinance. Appreciation is occurring in every single property within this report. The present market has lowest of inventories that I’ve seen since 2005-2006. If you like a property and don’t write on it immediately then it’s gone by tomorrow. It’s truly a sellers market and a buyers market. When that happens the inventory plummets as anxious buyers consume everything! Presently there’s six fee simple single family homes and two leased land single family homes. There’s only a meek 19 condos presently listed. My personal inventory is down to one listing in Dewey and one listing in Rehoboth. I sold all of my inventory in the last eight days. Incredible! SO I desperately need listings now and for the upcoming autumn season. The market has appreciated to new levels over the past couple of years. You may be very surprised to hear what your property is worth now in this very, very hot market. Considering listing or just wondering what your home’s value is worth? Give me a call and I’d be more than happy to educate you with today’s present market value.

Due to the numerous transactions vs my 12 hour days, I’m not going to comment on each transaction as I typically do. If you want more details please just click on the address and it’ll bring you to the actual MLS sheet as it’s listed in our MLS system. If you have further questions beyond that please feel free to call my cell anytime.

Be happy! Stay Safe! and have an enjoyable summer!!!

 

 

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
110 West St 28 yr lease @ $4,185. yr Rehoboth By The Sea 4bd/2ba $769,000
21 Hall Ave.       (back on the market) Chancellery 5bd/6ba                     4,582 sq’ $5,850,000
8 Venetian Dr.  (back on the market) Seabreeze  Dev 4bd/3ba                     2,761 sq’ $1,250,000

 

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
110 West St 28 yr lease @ $4,185. yr Rehoboth By The Sea 4bd/2ba  $769,000
305 Swedes St. Seabreeze Dev 5bd/3ba                       2,400 sq’ $795,000
27 Chesapeake St. Rehoboth By The Sea 6bd/3.5ba                   2,600 sq’ $2,247,000
25 Chesapeake St. Rehoboth By The Sea 7bd/3.5ba                   2,600 sq’ $2,247,000
123 Chesapeake St. Rehoboth By The Sea 5bd/3 fl ba/2 hlf ba  3,100 sq’ $1,595,000
7 Houston St. Rehoboth By The Sea 5bd/4 fl ba/2 hlf ba  3,500 sq’ $2,195,000
203 Salisbury St. Seabreeze Dev 5bd/2.5ba                     $849,000
8 Venitian Dr. (canal front) Seabreeze Dev 4bd/3ba                      2,761 sq’ $1,250,000
27 Hall Ave. chancellery 7bd/8 fl ba/2 hlf ba  9,500 sq’ $4,995,000
106 West St. Rehoboth By The Sea 3bd/2ba                       1,000 sq’ $1,150,000

 

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
205 Jersey St. 53 yr lease @ $12,900 yr Rehoboth By The Sea 3bd/2ba $529,900 $510,000
13 Dagsworthy St (condominiumized) Scrod Acres 3bd/2ba     1,800 sq’ $780,000 $700,000
15 West St. 57 yr lease @ $27,500 yr Rehoboth By The Sea 7bd/5ba     3,600 sq’ $999,000 $965,000
38444 Carolina St  Rehoboth By The Sea 5bd/4.5ba  3,000 sq’ $1,425,000 $1,300,000

 

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
36 Collins Ave. Indian Beach 4bd/1.5ba                     1,558 sq’ $1,435,000 $1,399,000
31 Hall Ave Chancellery 5bd/6fl ba/2 hlf ba     6,413 sq’ $2,950,000 $2,650,000
18 Chesapeake St. 57 yr lease @ $27,692 yr Rehoboth By The Sea 3bd/2ba                        1,158 sq’ $809,900 $799,000
14 Carolina St. 60 yr lease @ $29,184 yr Rehoboth By The Sea 3bd/2ba $779,000 $749,000

 

 

CONDOS NEW BUILDING SIZE ASKING PRICE
1609 Coastal Hwy #105 Opal 4bd/3ba     $549,900
20969 Rogers Ave. #A Ocean Walk 3bd/2ba $499,900
1609 Coastal Hwy #S207 Opal 2bd/2ba                     920 sq’ $379,900

 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
119 Collins Ave. #112 Marina View 1bd/1ba                        1,000 sq’ $385,500
100 Collins Ave  #104 Marina View 1bd/1ba                        1,026 sq’ $375,000
2007 Bayard Ave. #5 Baystrand  3bd/3ba                       2,100 sq’ $799,000
107 Rodney Ave. #C Marina Reach 3bd/2.5ba                   1,600 sq’ $635,000
109 Dagsworthy St. #D Rainbow Cove 3bd/2ba                       1,080 sq’ $419,500
24 Dickinson Ave. #7A Dewey Villas 1bd/1ba $325,000
24 Dickinson Ave. #8A Dewey Villas 1bd/1ba                         $329,900
109R Dagsworthy St. # C Rainbow Cove 3bd/2ba                      1,080 sq’ $369,000
1301 Coastal Hwy. #242 Lighthouse Cove 3bd/3ba                      1,578 sq’ $1,099,000
100 Collins Ave #204 Marina View 1bd/1ba                       1,026 sq’ $378,900
35 Rodney Ave #2 Dewey Beach Dev 4bd/3.5ba                  1,873 sq’ $999,000
1301 Coastal Hwy. #425    Lighthouse Cove 2bd/2ba $664,500
1301 Coastal Hwy. #440    Lighthouse Cove 4bd/3ba                     1,547 sq’ $999,900
1301 Coastal Hwy. #258    Lighthouse Cove 2bd/2ba                     1,050 sq’ $614,900
1301 Coastal Hwy. #C413  Lighthouse Cove 2bd/2ba                     1,047 sq’ $600,000
1301 Coastal Hwy. #254    Lighthouse Cove 2bd/2ba                     1,077 sq’ $599,900
1609 Coastal Hwy. #302S Opal 2bd/2ba                     925 sq’ $379,900
1609 Coastal Hwy. #305S Opal 2bd/2ba                     920 sq’ $385,000
20950 Ann Ave. #11 Ocean Dunes 3bd/2.5ba                  1,685 sq’ $499,900
107 Collins Ave #501 Cove 4bd/3ba                     1,340 sq’ $575,000
109 Read St. #C Over Bay View 4bd/4ba                     2,000 sq’ $825,000
31 Hall Ave. Chancellery 5bd/6fl ba/2hlf ba   6,413 sq’ $2,650,000

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
38373 F Benson St. #2 Benson Proper 2bd/1ba $299,900 $325,000
124 Swedes St. #1 Swedes Street 3bd/2ba               2,000 sq’ $538,000 $550,000
2 Saulsbury St. 6 yr lease @ $1,200. yr #6 Colonial Seas 2bd/2ba               900 sq’ $185,000 $165,000
107 Rodney St. #C Marina Reach 3bd/2.5ba $650,000 $615,000

 

 

CONDOS INCREASED/DECREASED BUILDING SIZE PREVIOUS PRICE NEW PRICE
35 Rodney St. #1 Dewey Beach Dev 4bd/3.5ba        1,873. $1,045,000 $999,000
1301 Coastal Hwy.  #433 Lighthouse Cove 3bd/3ba $899,900 $999,900