Dewey Market Watch 2/28/24 thru 3/22/24

Spring has sprung!!! They are my most favorite words! Spring flowers, the return of our migrating shorebirds, the beach, warm weather, I could go on and on what makes springtime the best time of the year!!! The real estate market has been steady. There’s been five transactions in the previous three weeks. These numbers reflect the average amount of pending transactions for the previous months. We would hope to see these numbers increase during the spring market season but in order to do so then we have to see some additional new listings hit the market. I personally expect more listings in 2024 as people realize that we may be at the top of our market. Presently there’s four fee simple single family homes, four single family homes on leased land and four condos in Dewey and the surrounding communities. One of the new listings is my listing at 2103 D in Izzy Plaza. This unit offers a huge open floor plan that’s great for entertaining and a covered rooftop deck that further enhances the festive atmosphere. The home had a $54K rental income in 2023 with several weeks already booked into 2024. Custom colors, new stainless appliances and the list goes on and on. Better hurry on this one! The interest rates haven’t dropped much as promised. The rates are approx. 7% for a 30 year fixed on a primary residence and approx. 7.250% to 7.5% for a 2nd home buyer or investor. Please contact me if you’d like a free, no pressure market analysis on your home. It’s a wonderful time to enjoy the beach and all of the newly arriving shorebirds! Get out and enjoy Delmarva!!!

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Dewey Market Watch 1/31/24 thru 2/27/24

Spring is in the air! Locals are eagerly awaiting the return of the 1st osprey and the many varieties of shorebirds that make springtime at the beach such a special time of the year. The real estate market remains very active. The leased lands properties in Rehoboth By The Sea continue to dominate the market. There were four new single family homes on leased lands just listed and one already has a pending contract. I’ll be adding a 5th new listing within a week. The home is a 4 bd/3ba, 2,200 sq’ and totally renovated with a huge addition. One of the key features is the land lease. There are presently 11 years remaining on the lease. The annual lease amount is a little over $1,200. a YEAR, that’s right $1,200. a year which is just about free!!! This home will sell almost immediately due to the condition of the home and the favorable lease terms. The present interest rates are approx. 7 1/8 for a 30 year fixed and 7 3/8 for a 2nd home/investor. Where are those rate drops that were promised?? Regardless of the interest rates and based on the recent pending sales, I expect us to have an excellent spring and summer selling season. St. Patty’s day is right around the corner! Happy spring!!!

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Dewey Market Watch 11/23/23 thru 1/30/24

Happy 2024!!! I’m a little behind schedule due to admitting my mom into a nursing home. I’m ready for spring and all of the exciting activities that spring ushers in. The 2023 season ended with a flurry of activity. The 2024 season is no different. All four of the pending single family homes on leased land sold in the 2nd week of January. Presently there’s only two fee simple single family homes on the market, one in Indian Beach, three on RBTS leased lands, three fee simple condos and one leased land condo. I just listed the leased land condo in  Seastrand unit #22. It’s a very rare offering and is in very high demand. Seastrand is located in the ocean block of Chesapeake St adjacent to Billionaire row and Silver Lake. This condo will be gone within a few days from receiving this email. Please call me immediately if you have an interest. The total inventory is five single family homes and four condos. The demand is year round now unlike earlier years when the spring selling season started in March and lasted through October. The 2024 selling season should be a good one as long as we get inventory. Rumors have it that we are going to see three to four rate drops throughout the year thus creating a very favorable atmosphere! Please contact me for a private market analysis. The days are getting longer and spring is just around the corner:):)

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Dewey Market Watch 10/31/23 thru 11/22/23

Happy Thanksgiving!!! Tis the season to gather with family and friends to celebrate and give thanks for the wonderful year of 2023. The Dewey market continues to thrive! The recent rash of new listings resulted with five pending contracts. You’d fully expect the market to slow with the holidays upon us and the interest rates hovering around 8.5% for 2nd home buyers and investors but it’s not!! There were three single family home sales and two condo sales in the last three weeks. Presently there’s 11 single family homes and four condos on the market in Dewey and the surrounding communities. That’s huge!! It was only a little over a few months ago that there was only one single family home for sale and one condo. Nationwide, sales are down but that doesn’t apply to our niche beach resort properties. The market may slow as normal for the holiday season but I fully expect the market to remain strong in 2024. Please contact me for an update of our inventory. Owners, it’s a great time to list after the holidays. Please reach out to me for a free market analysis that will educate you with the value of your home in today’s present market. A special thank you to all of our military personnel and their family’s that each one endures with the absence of a loved one during the holiday season and throughout the year. Happy Thanksgiving to everyone!!!

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Dewey Market Watch 9/29/23 thru 10/30/23

Happy Halloween!! No tricks here, just treats!! What a month that it’s been! The autumn inventory just soared! There are six new single family listings. Three of the homes are fee simple and three of the home are on leased land. There were also three new condo listings. We were previously down to one single family home being listed and one condo so this new inventory was surely needed. Presently in the immediate Dewey area there’s 11 fee simple single family homes for sale, four leased land single family homes and five condos. That’s incredible after such a long time that no inventory was available. The new listings are located in the communities of Rehoboth By The Sea, Indian Beach, Poynters Addition and (in town) Dewey. These new listings are in highly sought after locations and shouldn’t last long! Three of the four pending transactions below went to contract in two days, four days and forty eight days which indicates that the market is still very strong. The interest rates for a 2nd home/investor mortgage have risen and is now are in the low to mid 8% range. This really hasn’t slowed our market down from Lewes to Fenwick in the immediate beach area. It’ll be interesting to see how much activity we have during the holidays. Typically the market slows to a snails pace as people enjoy the holiday season. Upon request, the sellers disclosures and any supporting documents are available for any of these properties. Please just contact me and I’ll be happy to forward them to you. Do you have a property of interest? I always offer a Facetime appointment so that you can enjoy from the comforts of your home before traveling to view it live. Please don’t hesitate to call my cell anytime (until 9:00pm daily) with any questions… that I can assist you with. Have a happy Halloween!!!!

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Dewey Market Watch 9/9/23 thru 9/28/23

     It’s only a couple days away and we’re already into October. My last two hummingbirds left yesterday with the full moon so the summer of 2023 is officially over! The summer may be over but the market’s still pretty active. Interest rates have slowed the market in many areas of the country. Lucky for us, this is not our case. We are a niche resort market. Traveling from Broadkill Beach down to the MD/DE line in Fenwick and proceeding west 3-5 miles will always be active due to their proximity to the beach. Proof is in the pudding! Take a look at the three pending condos (see below). They were listed only days after my last market update. The average was six days on the market and they had pending contracts. The interest rates are hovering at 7% for a 30 year fixed primary and about 7.5% for a 2nd home buyer or investor. 

     Our inventory has picked up a little for the autumn selling season. Presently there’s four fee simple single family homes, one leased land single family home and four condos. We actually have inventory for building lots! We have a lot for sale in Dewey, a double commercial lot in Ann Acres and two homesites in Indian Beach. Are you looking for an investment opportunity, 2nd home? Please contact me and I’ll be happy to educate you with the Dewey and surrounding market. October’s a great beach month! Get out and enjoy!!!

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Dewey Market Watch 8/29/23 thru 9/8/23

Happy Friday! We have a little burst of new inventory in the last few days. There were four new listings and one is already sold. The new listings include one of the most expensive that I can remember in Indian Beach, asking $7,982,000. The 7,750 sq’ consists of 11 bedrooms, 7 full baths and two half baths. The upgrades are too numerous to mention. Please click on the address below for more details. The 2nd new listing is 109 Saulsbury. The 3bd/2ba is priced accurately and is being offered at $1,499,000. What’s this? There’s a rare  fee simple building lot on Buena St. Priced at $1.2M, this 50 X 100 listing will be gone in a flash! The 4th listing was a 2bed and two bath Opal unit. The listing went to contract in only four days. Time is of the essence on these listings. Please contact me immediately for more details, disclosures…. Have a super weekend! Hope this heatwave cools down a little:)

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Dewey Market Watch 7/29/23 thru 8/28/23

     Oh no!!!! Summer’s already coming to an end! Where did the time go? Hopefully everyone had an enjoyable summer filled with memories for the scrapbook:) The market remains the same, no inventory. I don’t know which is worst the lack of inventory or the interest rates for a 2nd home buyer or investor that are hovering about 8%. Buyers are still out there and many have the capability to pay in cash, borrow now and refi later… so it’s not the end of the world. 

     Presently in the town of Dewey there’s three fee simple single family homes, one single family on leased land and two condos. Outside of Dewey town limits on the west side of Ocean Hwy. there’s one single family home listed in Ann Acres. On the east side of Ocean Hwy. Silver Lake Manor just received a new listing on Terrace Rd. Indian Beach has a new listing at 22024 Coastal Hwy. This property boasts 7.82 ac of beautiful marsh land accompanied by some of the most spectacular sunsets possibly in the country! New record high asking and selling prices are now being realized. Four to five million dollar homes now grace our inventory.

     Autumn is here so the crowded beaches are a thing of the past! Locals get to get some sand under their feet and enjoy the peaceful sandy beaches, warm waters and friendly neighbor smiles. There’s lots of autumn events that will entertain us right thru the holidays. Summer rental incomes have been realized. Are you considering listing your home for the upcoming autumn season or just wondering the value in today’s market? Please contact me 302-381-5602 or joechoma@deweybeachhomesales.com. 

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Dewey Market Watch 6/29 thru 7/28

Happy sweltering summer! I know! Everybody hates this heat but I’m one of the goofballs that actually loves it!. Averaging 97 degrees all week! I love it. The state fair is in full swing and with it comes severe heat and thunderstorms for the last week in July. Get to the beach and cool off in the ocean:):) There’s not a whole bunch of real estate news to report this month. I had to wait a month for something to report on and this is it in it’s entirety. My listing at 105 Carolina went to contract almost immediately upon listing. My listing at 204 Jersey just closed @ $1.5M. 122 Jersey St. was a RBTS leased land lot only with an asking price of $925K. The 50 X 100 lot went pending in only six days. 18 Dagsworthy reduced their price from $1,625,000 to $1,450,000. Unit 211C in the Surf Club has a contract on it. Presently there’s four fee simple single family homes on the market and one leased land property. There’s two condos available and that’s it for in town Dewey. There’s one single family home in Ann Acres and one in Indian Beach. That’s it for the total inventory! The interest rates just took a hike! The rate for a 30 year primary is approximately 7% now. That means 7.5% for 2nd home buyers and investors. The very low inventory and the higher interest rates have me going to the beach this afternoon to enjoy what I moved here for nearly 40 years ago, the beach and the coooool ocean! Enjoy and have a safe summer:):)

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Dewey Market Watch 5/4/23 thru 6/28/23

      This is a delayed Market Watch update. I’ve been on the mend! Last Memorial weekend I contacted covid and it laid me up for two weeks. This Memorial weekend I landed in the hospital for four days with Pancreatitis. Not from drinking rather I was a small portion of the 6% that had a negative reaction to my blood pressure medicine the end result being pancreatitis. Not any fun by any means but back to enjoying every day life and the wonderful summer weather.

     The low inventory remains the same thus keeping our market very much alive. The inventory for single family homes has increased to five fee simple properties and two single family homes on leased land. Multiple offers are still occurring in our market. My listing at 204 Jersey St.  had multiple offers and is now pending settlement. My new listing at 105 Carolina St. is very unique. The home is the 2nd home in the 2nd block of highly sought after Carolina St.  **** The property is a leasehold from Rehoboth By The Sea. The present owner renegotiated the lease. The present lease has 26 years remaining, expiring in 2049. THE UNIQUENESS OF THIS LEASE IS THAT IT’S ONLY $5,219. A YEAR. The lease amount is increased every five years based on the CPI which is minuscule compared to the 3.5% increase per year in the most recent leases. Renovate the existing home or construct the home of your dreams! Better call me asap if you’re interested. This property will be gone immediately. Where are the condos??? There’s only two condos and one fractional share in the Surf Club on the market. We could surely use a few new condo listings. The interest rates have dropped a little bit. Present rates are 5.875% for a 30 year fixed primary so a 2nd home/investor would be in the low to mid 6’s.

Summertime, summertime, sum sum summertime! Summer’s in full swing! Let the good times roll!

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