Monday's Main Event - Vol. 33.0 - 06.05.2023

 

Monday's Main Event Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings The Main Story... ... With inventory down and home demand still strong, buyers are looking to new construction...  and weighing the pros and cons of waiting for a home to be built or for the perfect resale to come on the market. May 2023 - Final May ended with an 18% decline in home closings in total, compared to last year.  With a 56% decline in the East of Rt. 1 quadrant, the other 3 areas increased making up for much of those declines.   Similarly, the average home price declined 2% (overall) from last year, with every quadrant seeing increases with the exception of homes West of Rt. 13. New listings for the month were down nearly 30% from last year with the declines fairly consistent throughout each of the quadrants.  The average listed price (in total) increased slightly with a marginal decline East of Rt.1.   The 30 Year Mortgage Rate increased again last week to 6.79%, which is the highest we've seen in the last 13 weeks.   "Marry the House, Date the Rate", as they say. To sum it up...  The Sussex County market is still very strong with year over year declines in closings only being seen in the East of Rt. 1 Quadrant,  in spite of lower inventory levels, throughout the county. New Construction continues to fill the void left by lower inventory levels of Resale homes, except East of Rt. 1 where fewer and fewer New Construction communities are building. So far, we haven't seen much resistance to higher interest rates, however, as rates approach 7% again, we may start to see a slow-down with buyers who are financing their purchases.  This may put pressure on Sellers to reduce prices or builders to provide more incentives.  Click Here to start your home search, today! Twin Branch Winery Opened on April 28, Twin Branch Winery is a family love affair that is 20 years in the making.  Turning off Route 16 in Milton onto Saw Mill Road, the sign beckons you to a dirt road that winds ... and winds ... and winds. Knowing that the winding may test people’s patience, a sign has been put out: “Stop wining, you’re almost there.” Over the farm field and through the woods is Twin Branch’s tasting room, which includes indoor and outdoor seating, and outdoor games like cornhole and lawn bowling. And it’s about at that point that the whining stops and the wining begins. Read More Here Courtesy of the Cape Gazette and Ryan Mavity Photos :  hhttps://www.capegazette.com/article/twin-branch-winery-opens-outside-milton/259269?utm_term=Autofeed&utm_medium=Social&utm_source=Facebook&fbclid=IwAR2SbIOI4MIi_8KN37WqDpruzkocbHRKWhzqfmlahllPfen9DzzDf8mTfUQ#Echobox=1685643038 Did you find this information helpful?  Let me know by simply replying "thanks" in the comments, below. Interested in information about a specific town or community?  Let me know in the comments, below.   I'm here to help decode the mystery of the Sussex County Delaware Real Estate market. *all information in this email is relative to Sussex County Delaware and is not to be construed as the case for Kent or New Castle Counties.