Dewey Market Watch 7/6/22 thru 8/2/22

Hello Everyone! Happy summer to all:) The summer’s going way too fast and needs to slow down a little:) The market remains slow only due to very little inventory. In the town limits of Dewey there are two condos, four single family homes, one single family on leased land and one Surf Club unit (quarterly fractional share) on the market. There’s one single family home in Ann Acres, one single family home in Poynters Addition and one lot in Indian Beach. There’s nothing available in the Forgotten Mile. You can’t sell it if you don’t have it!! There were two pending contracts for single family homes and two condo sales in the previous 3.5 weeks. Closing prices are still close to asking price. The bad news for all of us is that the prime just went up .750%. The good news is that the mortgage rates actually dropped a little. The interest rate for a 30 year fixed is hovering around 5.5% and a 30 year jumbo is approx. 4.750%. Perhaps we’ll see a few new listings once the summer comes to an end and owners have realized most of their rental incomes. Are you thinking of listing in the autumn? Call me for a free “no pressure” market analysis that will educate you on your home’s value in today’s present market. Act fast while the rates are still reasonable!!! Stay safe and enjoy the remainder of the summer!!