Dewey Market Watch 11/7/25 thru thru 1/6/26

Happy New Year!!!! I hope everyone had an enjoyable holiday season:) The holidays are beyond us and the daylight hours are now increasing which means one thing, spring is right around the corner:):) I’m very excited to see what 2026  has to offer. The 2025 selling season was very good and hopefully 2026 will even be better! Here’s a glimpse of our market for the last two months. Activity is the slowest during the holiday season thus the minimal transactions. Most of the closings were due to the very active market that occurred in October. The interest rates remain the same since my last update. The rate for a 30 year fixed is hovering around 6.125% and slightly higher for 2nd home/investors. The Feds are set to meet again I think by the end of this month. I’m hopeful that we’ll see several rate drops during the course of the year and I do expect the 2026 season to be very strong! Due to the sales volume in October, inventory remains critically low. Presently there’s only two single family homes (fee simple) in Dewey and one on leased land in Rehoboth By The Sea. Ann Acres and Dodds Addition each have one single family home listing. The condo market which is the strongest area of our market only has five listings in Dewey and two fractional shares  units in the Surf Club. We’re heading towards the Spring selling season! Thinking of possibly selling? Now would be an excellent time to receive a no pressure market analysis to determine your value for the upcoming spring selling season. Please don’t hesitate to call my cell 302-381-5602 with any of your real estate questions. You’d think that I’d be whining about the freezing temperatures but are you ready? Temps are going to be in the mid sixties for the weekend, maybe a little rain but I’ll take it:) Think spring!!!

• Continue Reading

Dewey Market Watch 10/3/25 thru 11/6/25

Welcome to autumn! Can you believe it’s almost Thanksgiving? The market has been brisk as expected. I’ve been overwhelmed with sellers and buyers since the end of summer. The three recent interest rate drops surely fueled the market. There were four single family sales this past month. Three of the homes were on leased land in Rehoboth By The Sea and one fee simple home in Ann Acres. There were also seven condo sales that boosted the pending transactions up to 11. Condos have always out sold single family homes and here’s the proof! Look at the number of new single family homes listings that total seven! Six of the new listings are fee simple and only one is a leased land product. I just listed 38183 Terrace Rd. and had four showings on the 1st day.  The new listings boosts our autumn inventory. We now have wide variety of inventory in Dewey, Silver Lake Manor, RBTS, Ann Acres and two in highly sought after Seabreeze Dev. There’s a total of 10 single family homes, five condos and 2 quarterly fractional shares units in the Surf Club that are presently on the market. That’s not a bad inventory after the rash of pending contracts in the last month. The interest rates have dropped for a third straight time but a little seesawing eased it back up a little. The rates for a 30 year primary are approx. 6% and a 2nd home/investor approx. quarter to a half percent higher. Hopefully the market will remain active right through the holidays with the recent rate drops. Even with the autumn’s first freeze warning next week it’s not enough to cool this market down:):) Better get those beach walks in now before old man winter arrives!

• Continue Reading

Dewey Market Watch 9/9/25 thru 10/2/25

Summer’s over but the autumn season is heating up! The much anticipated autumn inventory is in full swing. There’s been seven new listings in the short three week period! The new inventory consists of three new single family homes, three condos and one fractional share Surf Club. We’ve only seen three contracts ratified within the three week timeframe. I expect the inventory to considerably increase in the weeks ahead. I also believe that there’s going to be a lot of activity coming in from the buyer’s side. Interest rate dropped for the 2nd time Presently the rate are 30 year fixed (20% down) 6.375%, 30 year fixed (10% down) 6.125%, 30 year fixed FHA 5.625% and a 30 year fixed VA is currently 5.750%. That’s a considerable drop from the 7-7.5% we’ve been experiencing lately. Rumors of two more price drops in the very near future but I’ll believe it when I see it! The inventory in Dewey and the surrounding communities consist of six (fee simple) single family homes, three (leased land) single family homes, nine condos and two fractional shares Surf Club units. That’s 20 properties that are presently listed. Let’s be honest, we haven’t seen this much inventory in quite a long time. The rates have dropped with rumors of more in the future. I’d have to guess that we’ll have an very active market possibly right through the holidays! It’s an excellent time to list! You may be surprised at the value of your home in today’s present market. Please contact me for a free market analysis:) 

We were spared from side by side double hurricanes but the sea is still angry. After every hurricane follows with incredibly calm weather. The forecast for this weekend is gorgeous and low to mid eighties for all of next week!! Get out and enjoy!!!

• Continue Reading

Dewey Market Watch 7/30/25 thru 9/8/25

Where did the summer go? The autumn season is fully upon us and the autumn selling season is about to flourish. Market activity (selling) has been on the slow side. The autumn inventory just got a boost with six new listings. Presently our inventory includes 17 listings. There’s four single family (fee simple), two single family (Reho. By The Sea), seven condo/townhomes (fee simple) and one condo in Seastrand (leased land). That’s a pretty decent inventory for this early in the autumn season. I expect more new listings in the weeks ahead after the heavy summer rental season nears to an end. The summer selling season was VERY , VERY slow but we’re on the rebound and looking much better going into the autumn season. The interest rates dropped a little even though the feds didn’t reduce the rates.  The new rate is hovering around 6.5% for a 30 year fixed primary and slightly higher for 2nd home/investors. The strong rumor is that we’re going to get the fed drop on Sept.17th. I’ll believe it when I see it:) If we get the rate drop, that’ll be the 2nd recent rate drop in a row and it surely will spur activity. I was getting minimal showings with my eight listings over the summer, even with a heavy advertising campaign. ALL of my listings are starting to see regularly scheduled showings. Personally, I thin k that it’s going to be a very good to excellent autumn selling season.

     It was a full moon last night! Many of the migrating shorebirds, hummingbirds left for their winter’s vacation  somewhere where it’s tropical and warm! So did the tourists!!!! You can actually drive around on Ocean Hwy again! The beaches are vacant and the weather still 80 degrees, I’d say that’s local time!! Get out and enjoy Delmarva:)

• Continue Reading

Dewey Market Watch 7/1/25 thru 7/29/25

Summer’s in full gear now! Temps in the low 90’s with plenty of sunshine with plenty of smiles! The market has been very slow which is typical for this time of the year. I believe that the market is going to pick up. We’re nearing the end of summer rentals so I’m expecting inventory to increase in the weeks ahead. Everyone has been asking about the rate drop. Rumor is now we won’t see one. Even if the feds dropped the rate it doesn’t necessarily drop the mortgage rates, however any rate drop should spur the economy which hopefully would trickle into our market. The interest rate for a 30 year fixed is hovering at 6.875% and in the low 7’s for a 2nd home/investor. It’s really the same story as my last update. Property showings are well, well below last years stats especially the last 4-5 months, resulting in longer days on the market and many price reductions. Inventory is low. Presently there’s five single family (fee simple) homes and two homes on leased lands in RBTS. The condo market which is typically the backbone of the market only has three units listed and three quarterly fractional share units in the Surf Club. There’s no reason for panic! We’re right at the height of the summer, tourist and locals are just simply enjoying the beach. Inventory should increase in the weeks ahead and hopefully we’ll have a nice autumn selling season. We’re needing some inventory and rental incomes are 2/3 realized. Are you considering listing in the fall? Please contact me for an updated analysis. Get out and soak up some of that beautiful sunshine and ocean water! Have a safe summer!!

• Continue Reading

Dewey Market Watch 5/1/25 thru 6/30/25

     Happy summer everyone! Talk about a heat wave. Temps reaching 100+ degrees last week! Where have I been? I’ve been awol and haven’t updated in the last couple of months. What have I been doing? Non stop listing appointments. The market has changed dramatically in the last three months and it’s now clearly a buyer’s market. I’ve been on so many listing appointments that it’s hard to count them all. I went from two listing to seven listings with three more in the works. I have three pocket listings consisting of a 4bd/4.5ba condo (one lot off of beach) with gorgeous ocean views that’ll never change. All four of the bedrooms are owner suites with full baths. This unit could surely be a rental machine. The asking price will be in the area of $1.9M. My 2nd pocket listing is a 3bd/2ba, 2,250 sq’ in Silver Lake Manor. Many possibilities for expansion within the present foot print. The asking price will be between $1.2M – $1.3M. The 3rd pocket listing is a 2bd/1ba ocean block in North Dewey. Nicely updated and only steps to the beach. Price undecided. Please contact me directly for more information regarding these pocket listings.

     Remember when the Dewey area inventory fell to zero listings??? Not the case anymore! It appears that the tariffs and the drop in the stock market has slowed the immediate market. Yes the stocks have rebounded… but the unknown is still in people’s minds. I actually was working with several buyers and they put looking on hold for a while just to see how things work out, so this is first hand knowledge. Couple this with the fact that we had to be at the height of the market that started after Covid so we were bound to taper off eventually. Key word is taper off not crash! The days on the market are surely longer, price reductions are the new norm. Thinking of listing? Now is not the time to try the market. It’s best to price your home very accurately to get a positive result.

      The inventory remains a little on the lean side. Presently there’s five single family homes (fee simple) and two single family homes on leased lands (RBTS). The condo market is rounded out with three condos (fee simple), two condos on leased land (Seastrand) and three fractional share units in the Surf Club. The mortgage interest rates remain the same, anywhere from the mid 6% to the mid 7% depending on what type of mortgage you’re applying for. There’s all kinds of rumors in the air about a rate adjustment so that’s something worth watching closely. The primary markets are still very active, it’s the 2nd home/investor market that show signs of slowing and that’s to be expected in an area that 2nd home buyer/investor have some form of connection to the stock market. Days of homes flying off of the shelf must be met with pricing a property very accurately for a sale in a very reasonable amount of time. Thinking of listing now or after summer rental incomes have been realized? Please contact me for a free up to date market analysis. Have a safe and happy summer!!!

I have a new listing at 107 Swedes St. This fee simple single family home shows like a gem in the rough! The 5bd/3.5 ba, 2,600 sq’ home features a full size roof top deck that boasts some of the best sunset views that our state has to offer. Parking for eight will accommodate large family/rental gatherings. Meticulously cared for and never rented. Very tastefully fully furnished. Fishing for an investment? Don’t let this big one get away!!!

\

• Continue Reading

Dewey Market Watch 4/3/25 thru 4/27/25

Summer temps have hit the beach! There’s nothing like kicking your toes into the sand and watching the waves. It’s truly the best stress relief that there is! I think that’s what everyone has been doing. The market has been incredibly slow. There’s been only one pending home sale in the last three weeks and this is prime time! There’s definitely been an increase of new listings. Presently there’s three fee simple family homes, two leased land single family homes, nine condos, two Surf Club units on the market within Dewey town limits. There’s two single family homes in Indian Beach, two single family homes in Ann Acres and one home in Dodds Addition. That’s a total inventory of 22 listings for the spring selling season. The inventory is very well stocked with a variety of options and availabilities. I believe the dip in the stock market has a lot to do with our slow spring market. I’ve already had two clients that backed off of shopping for the time being until the dust settles. Could we possibly see a rate drop after rumors indicated there wouldn’t be any in 2025? Time will tell! 

I just sweetened the price, $75,000 off my listing at 24 Van Dyke St. #B Van Dyke Villas. The unit has an excellent entertaining floor plan, 1,912 sq’ two owner suites (better rentals), super large screened porch, new roof, new siding… The new price is $1,394,000. Great deal, check it out before it’s gone!!!

Summer temps are here to stay. Blue skies, sandy beaches, brilliant sunshine and lots of smiles, what more could a person ask for. See you at the beach!!!

• Continue Reading

Dewey Market Watch 3/10/25 thru 4/2/25

Spring has sprung! Spectacular colors abound from all of the blooming flowers and trees. Last weekend we hit 80 degrees with a slight warm wind out of the south west which created the first summerlike beach day. It was a day that everyone was waiting for after such a brutal winter. The market realized six pending contracts in the last three weeks which is exactly the average for this time of the year. Single family (fee simple) home sales accounted for four of the closings. The closings were scattered to include two in Rehoboth By The Sea, one in Indian Beach and one in Dodds Addition. Strong sales continue with another Lighthouse Cove unit going to contract. The Seastrand ( RBTS leased land only) has a new record high closing @ $1,590,000. The quarterly fractional share units at the Surf Club closed on two transactions and continue to be an affordable popular item on the market. Presently the market includes six fee simple single family homes, two leased land single family homes, five fee simple condos, one leased land condo & two quarterly fractional share units in the Surf Club. That’s a minimal inventory for the upcoming spring selling season. The interest rates haven’t changed and remain in the mid 6.00’s to 7% depending on what you’re borrowing. I expect above average tourism in the months ahead, a direct impact of the unusually cold, snowy winter. Perhaps shopping for a new beach home???? We could surely use a few new listings to boost our spring inventory. Please contact me for a free market analysis. Enjoy your happy colorful spring!!!

• Continue Reading

Dewey Market Watch 2/13/25 thru 3/9/25

St Patty’s weekend is here! Tradition marks this weekend that so many businesses in the entire resort area open for the summer of 2025! Daylight savings has just arrived and life is great in good old Dewey! The spring selling season is off to a slow start. There were only four sales in the last three weeks, one single family, one condo and two Surf Club units. This is a minimal amount of closings for this time of the year. The inventory for single family homes is stable. There’s four single family homes in Dewey for sale, two in Indian Beach, one in Killens Addition , one in Country Manor and one in Ann Acres. That’s a pretty broad inventory! The condo inventory reflects a very similar inventory. Presently there’s five condos in Dewey, one in Dodds Addition, one in Ann Acres, one in Rehoboth By The Sea (leased land) and two surf Club fractional ownerships. The inventory could use a little boost but what is on the market offers availability in all areas of our market. The interest rates have eased just a tiny bit, nothing significant. The rate for a 30 year primary is averaging about 6.50% and 7% for a 2nd home/investor, no drastic change. I believe that the cold winter weather that we just experienced during the month of February surely impacted our market. It was damned cold!!! Temperatures are all hovering into the 70’s this week, couple that with daylight savings time and St. Patty’s weekend and we’re going to flourish with the new spring flowers!!! The ospreys will arrive this week! The crabs will be coming out of the mud and schools of migrating fish are all coming to the summer of 2025 party! Helloooo spring!!!!

MY NEW LISTING  Charming beach rancher, walk to the beach,  2/3 bed/1bath zoned commercial residential. Multiple possibilities!

MY NEW LISTING 24 Vandyke # B, ocean block 4bd/3ba, 1,912 sq’, two owner suites, full screened porch, open floor plan. Grat rental potential!

• Continue Reading

Dewey Market Watch 1/14/25 thru 2/12/25

Got sun? Got 85 degrees? Sussex county got socked with another 8 inches of snow yesterday! We’ve seen enough snow for 5 years! Unlike the weather, the spring market is heating up in a quick way. We just went from the holiday doldrums to a very, very active market. I was on solid listing appointments for the last couple of weeks. The quick sales at 9 Read Ave. (9 days on market), 103 Bayside Ct. (3 days on market) & 304 Dutch Rd. (10 days on market) proves that anxious buyers are out there. Be fast or be last! Coming soon: 24 Van Dyke St., ocean block, 4bd/3ba, 1,920 sq’, two owner suites, fully furnished, asking $1,469,000 & 38399 George St. charming yesteryear, upgraded 2bd/1ba, fee simple single family home, zoned commercial 1. This unique zoning offers endless possibilities asking $899,900. Please contact me for additional information. The interest rates remain the same , approx. 7% for a 30 year fixed primary and approx. 7.5% for a 2nd home/investor. The interest rates haven’t seemed to slow our resort market activity, however I’m working with a couple first time home buyers and it’s surely having an impact on them by increasing their monthly payments by $200. to $300 which is huge at entry level pricing. It doesn’t appear that there’s going to be any drop in the immediate future. Inventory remains low. Presently there’s only a dozen properties for sale. There’s seven condos, 1 leased land condo and five single family homes, all within the area of Indian Beach, Dewey and both east & west sides of Ocean Hwy in the Forgotten Mile. I expect inventory to increase with the spring selling season. I know one thing for sure, I’ll be happy to see that Easter bunny and spring!!! Stay warm and be careful in the snow!!!

• Continue Reading