Dewey Market Watch 8/16/26 thru 9/15/26

Oh No! Summer went by too fast! Welcome Autumn! Welcome a break in the traffic! Welcome quiet sandy beaches!!! Ocean water temps near eighty and plenty of time for local enjoyment!!! The Dewey market has been good! The new community Even Tide leads the way with one new listing, three pending contracts and one closure. Thank goodness for all of the new construction that’s taking place that’s fueling our immediate market. Based on the amount of recent transactions the higher interest rates hasn’t really been effecting the Dewey market. We’ll see as the Feds are announcing today another possible rate hike and most likely an interest rate at 7%. Many lenders are now offering free refinancing for up to three years. 

     The Dewey market is about to be impacted by new lender guidelines. Dewey is comprised of many small condo complexes. Many of the smaller complexes manage their own associations and the larger complexes obtain management companies to handle the work. I received the article below from a lender. The article doesn’t mention everything that’s in the new guidelines but one to be concerned with is a 49% rental ratio! This could cause problems for some complexes to meet the “warrantable status” because so so many properties in Dewey are rental investments. You’re HOA’s should be made aware of these new guidelines. There was a similar guideline that went into effect when the market collapsed in the late 2000’s and it impacted condo sales tremendously. Borrowers worked around it by going to local banks who don’t sell the note to the secondary market, they hold the note.  The interest rate is usually slightly higher. I don’t think that the new guidelines will effect  our immediate market as most of my buyers are cash buyers. Please contact me for more info:)

FINANCING CHANGES PROTECT LONG-TERM VALUES

Fannie Mae and Freddie Mac, the government agencies that back most mortgages, just overhauled regulations for conventional loans for condominium properties.* The changes will affect both buyers and current owners. As of August 3, 2026, lenders must assess a condo association’s financial health based on insurance coverage, reserve funding, litigation status, and delinquency rates before making a conventional loan, including a refinance. Associations that don’t meet the requirements could lose “warrantable status,” which will shrink the buyer pool and potentially depress resale values. Current owners may see an increase in HOA dues or special assessments to meet new, stricter reserve requirements that will go into effect in January 2027. Buyers and refinancers may experience a longer timeline to closing due to the extra documentation requirements. It’s a good idea to request copies of the HOA budget, reserve study, and financial statements early in the financing process. Properly and professionally run condo associations have always managed their properties well, providing stability and protecting values. These changes are designed to strengthen the financial foundations that support condo values over the long term.

     Our Autumn selling season is very active! Are you considering selling your home? Our inventory is low and now would be an excellent time to list and sell your property. Please contact me for more info. Autumn is for locals!!! Many owners enjoy the quite autumn months of Sept. & Oct. The weather is beautiful. The beaches and ocean are still enjoyable. It’s a great time to get out before the cold winter months are upon us!! Enjoy!!!

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Dewey Market Watch 7/15/26 thru 8/14/26

And the Dewey market marches on!!! Early autumn inventory spikes the market! There were five new single family homes added to the inventory along with four new condo listings. Contracts were already accepted on both of the single family homes on Chicago St. and one of the leased land condo listings in RBTS, all coming out of the new inventory. Present inventory includes seven fee simple single family homes and one on leased land. There’s only six condos available and three quarterly fractional shares in the Surf Club. That’s not a bad inventory for this time of the year. I’m excited to see the new Autumn inventory as many sellers list their properties after their summer rental income is realized. There’s been no drastic changes in the interest rates. They seem to be swaying up and down within a quarter percent. Presently they’re approximately 6.5% to 6.625% give or take. I haven’t heard of any rumors of anything drastic coming ahead that would significantly lower the rates. Can you believe that summer’s winding down already?? There’s only two weeks left in summer and then the market’s wide open for an exciting Autumn season. Based on this analysis the buyers are out there ready, willing and able! Please call me for a free no pressure market analysis that will bring you up to date with the true market value:) Enjoy the remainder of the summer!!!

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Dewey Market Watch 6/24/26 thru 7/14/26

Happy Summer!!! Heavenly weather and all sun kissed smiles! (except when you’re in traffic LOL) I just created and mailed out my Dewey bi monthly newsletter. It stated a summertime slow down has finally caught up to us. Limited inventory, summer traffic, summertime vacations all contributed to a slow down in the Dewey market (five transactions in the last nine weeks). Well did I put my foot in my mouth!! There were five fee simple single family sales in the last week. Unheard of!!! Like the Cajun cook says, “that’s fire dude”! It doesn’t really get any better than that. These homes sold in the middle of summer, no rime, no reason, all in one week! Interest rates were high! Inventory was critically low! This is why I always preach that a market is dictated by supply and demand. When a new product hits the market and is properly priced, SOLD even in the middle of summer! The interest rates climbed up to 6.75% this week. It was discussed at our sales meeting today and leaders in the industry expect it to remain like this through the end of the year. The new construction in our inventory continues to sell. The new construction at Buena St, Even Tide Lane and the new townhomes on the corner of Read Ave. and Coastal Hwy. are fueling our market and all have pending contracts. Looking ahead to the Autumn we should have an ample supply of new construction and hopefully a fair number of resales. Let’s not wish the summer away! Get out and enjoy the golden white sands and fresh ocean breezes!!!

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Dewey Market Watch 5/28/26 thru 6/23/26

Summer’s upon us! The ocean water temperature just hit 70 degrees! Our sandy white beaches are just filled with summertime smiles! The overall market in Sussex County has slowed but Dewey continues to hang in there, posting five pending contracts in the last three weeks. The sales included two newly constructed townhomes on Ocean Hwy. (Read St.), two fee simple single family homes and one single family home on leased land. Five sales during the height of the summer is pretty good! Inventory is definitely on the low side. The Dewey Beach inventory consists of 1 leased land single family home, six condos and three Surf Club (quarterly fractional shares). We have a couple of fee simple single family homes in Ann Acres, one in Dodds Addition and two in the new community Even Tide on Coastal Hwy. (Anna B). That’s it! In my opinion, that’s a minimal inventory! The interest rates dropped a tiny bit. Previously the interest rates were at 6.52% and they just dropped to 6.47%, woooo hoooo big drop! LOL I expect the inventory to remain low as owners realize their rental incomes for 2026. The autumn season isn’t that far away. Are you possibly considering selling once your rental income has been realized? Please contact me now for a free analysis before going into the autumn selling season. My analysis will update you with active, pending and closings properties that compare to yours. No sales pressure just pure facts:):)

It’s that time of the year again! The annual Running of the Bull is this weekend June 27th. The event begins with the kids running of the bulls at 10:30 on Dagsworthy St. Yup! Start those kiddies at an early age so that they’re veterans by college age! LOL It’s these family fun events and carefree atmosphere that make Dewey Beach what it has been and always will be the best town on earth! Happy summer!!!! Be safe!

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Dewey Market Watch 4/17/26 thru 5/27/26

Summer has arrived but the weather isn’t agreeing! Memorial weekend was a washout and a sliver of sun would be very much appreciated:) The Dewey market has finally slowed comparing to the surrounding markets. The Dewey market has a terrific run since the beginning of the year, remaining strong as the overall market in Sussex County was down approximately 10%. The Dewey market is starting to see a fair number of price reductions. Homes are still selling but not at the pace of the beginning of the year. There’s only been four pending contracts in the past five weeks. Present inventory in Dewey consists of one single family home on leased land, one new construction on Houston, six condos and 2 quarterly fractional share units in the Surf Club. The Forgotten Mile (east of Ocean Highway) is offering two new homes in the new community of Even Tide and one resale in Dodds Addition. The Forgotten Mile (west of Ocean Hwy.) has three single family homes listed. There’s presently no condos on the market on either side of the Forgotten Mile. The summer market typically slows due to difficulty of showing properties in between tenants, summer traffic… It’s almost impossible to show homes in a four hour window during rental changeover on a Saturday! UGHHHH! The interest rates have been creeping up. Presently they’re at approx. 6.3250% with the talk of maybe even going higher. Factor in the war in Iran, the uncertainty… and I believe that we’re heading into summer with a slight stall in the market. 

       The summer season is now fully upon us. Please be extra cautious at the designated crosswalks throughout town. I’ve witnessed uncountable close calls. Yes, pedestrians do have the right of way but so many times drivers (vacationers as well) are looking at all of the activities going on in town and they don’t have their eyes trained on the road. PAY ATTENTION and be alert as you cross Ocean Hwy. We all want the 2026 season to be a safe and memorable summer. Enjoy the best time of the year and I’ll see you on the beach!!!

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Dewey Market Watch 4/3/26 thru 4/16/26

Summer is showing up a little early this year! Temperatures in the low 90’s, arriving hummingbirds, storks , shore birds and of course our summer fish have all completed their migrations. Summer is here to stay and greatly appreciated after such a brutal winter. The market has only realized one sale in the past two weeks. The present re sale inventory includes two fee simple homes in Dewey and one on leased land. We have one single family home listed in Dodds Addition, one in Ann Acres and one in Indian Beach. The inventory for condo re sales are at a minimum that only includes four condos throughout the entire market area. We now have an inventory containing new construction. There’s two new single family homes in the new community of Even Tide (just north of Dewey) and there’s more available. Newly constructed condos (see below 1601 Coastal Hwy.) built over top of the 1st floor commercial have just been released. It’s nice to see some new construction hit the market! The interest rates have eased a little bit. The interest rate is now hovering around 6.125% for a 30 year fixed primary, slightly more for a 2nd home/investment. The new construction is surely an added bonus to our inventory but re sales in both single family homes and condos is needed to improve the  Spring market. Are you possibly considering listing your home in the near future? Please contact me for a free market analysis! Get out and enjoy Delmarva in this absolutely beautiful weather!!!

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Dewey Market Watch 2/19/26 thru 4/2/26

Happy Springtime and oh what a Spring it’s been! Happy to get my seven continuing education classes beyond me, thus the delayed update:) The Dewey Beach market has been kicking butt! I saw the statistics for the market for all of Sussex County. The entire market is down about 10% across the board. That’s not the case for the Dewey Beach and surrounding communities. We are a niche market! The single family and condo market is record high vs. last year’s numbers. What’s the driving force? Supply and demand are the reasons for our strong market. Supply has been minimal since the covid era thus creating the demand. New listings are selling at a record pace as long as they’re priced properly. We are realizing some price reductions to coincide with the slower market but overall our market is very strong. The interest rates have crept up into the mid 6’s for a 30 year primary. The slight increase hasn’t effected our market in the least bit. We have minimal inventory at the moment. There’s only 2 single family homes on the market in Dewey, one fee simple and one on leased land. We only have three condos and one Surf Club unit on the market. We have three single family homes available in Ann Acres, one in Indian Beach, one in Dodds Addition and a few new construction homes at Even Tide Lane. This is a bare bones inventory for our strongest selling season of the year. I’m fresh out of inventory in Dewey and desperately need some, so thinking of listing for the Spring selling season, please contact me for a free no pressure market analysis. 

     Many of the summer shorebirds are arriving after a long migration from South America. Hummingbirds should arrive in the next week or two. Area waters are starting to warm up after a long brutal winter. Summer fish are starting to get caught along with crabs!! The beaches are now warm enough to spend the day relaxing. It’s a great time to be a local! Wishing you and your family a happy and safe Easter holiday!!

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Dewey Market Watch 2/6/26 thru 2/18/26

The Dewey market is on fire. There’s five new listings within the past week and a half and three pending contracts. January was an excellent month for transactions and it appears that February is even going to be better. The two new listings at 112 Swedes and the single family home on Dodd Ave. increases our availability to a total of five (Dewey) fee simple homes and one leased land single family. If you add in the six new construction homes at Even Tide by Evergreen homes just off of Terrace Rd it will bring the total inventory of fee simple homes to nine listings. The three new condo listings consists of one ocean front Bermuda Sea Mist unit, one ocean block unit at 27 New Orleans St and one ocean block leased land condo in Mariners Surfside. This brings the total to seven condo listings, five being fee simple and two leased land units.  Inventory is picking up fast and so are the sales. Three sales in a week and a half is pretty solid for this time of the year. The interest rates remain the same in the upper 5’s to 6%. I’m expecting a record breaking spring selling season. It’s an excellent time to list your home in a very active market! Please contact me for a free market analysis. Warming days, longer daylight hours and the return of all of our migrating fish and birds indicate that spring is now upon us!!!!!

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Dewey Market Watch 1/7/26 thru 2/5/26

Artic temperatures freeze Rehoboth and Indian River bays and there’s another artic plunge in the forecast! I would expect the market to be dead right now with all of the snow and ice here and much more accumulation in the northern and western states of us. Typically travel is difficult and there’s usually a lull in activity but that’s not the case. The market is on fire! There’s seven pending contracts for the previous three weeks which is comparable to the spring selling season. I’ve had multiple offers in my last three listings. The rates are hovering around 6% and rumors are still hinting towards future rate drops. All indications are pointing towards a very good market in 2026. The sale of the seven transactions reduced our present inventory in half leaving us only 7-8 resale listings on the market. Evergreen homes is offering six new construction single family homes just north of Dewey off of Anna B St.. Numerous other new construction projects are on menu. If you couple in that the economy is strong, interest rates are good and hopefully even getting better, available new construction and resale, how could 2026 not be a banner year? Expect a banner year!!!

******owners, please double check on all of your properties. Tonight’s low is 12, Saturday night has a low of seven degrees, and Sunday night is eight. 50-60 MPH winds on Saturday is going to create a wind chill factor of -15 to -20 degrees below zero! Plumbing has been freezing inside and outside of the homes. NEIGFHBORS LOOK OUT FOR EACH OTHER. Take shelter and drink accordingly:):)

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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!!!

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