Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings
The Main Story...
... East of Rt. 1 New Construction and Resales continue to be the focus on declines year over year.
However, this is predominately due to lower than normal inventory to sell.
May 2023 - Final
This week I'm continuing to dig deeper into the Year to Date stats through May and as we've seen in other views and in past months, the declines have come predominately from the East of Rt1 quadrant. We can see with the above chart that this is coming from both New Construction and Resale homes, although both segments of the market have declined in the number of homes closed on Year to Date, the average closed price in these has increased quite significantly year over year.
The other three quadrants are all posting positive gains year to date in both new construction and resales, with the exception of a small dip in resales between Rts 1 & 113. Similarly, the average closed price is up in all three quadrants for both segments, except West of Rt. 13 where we're seeing a 10% decline, year to date.
There was a slight dip in the average 30 year mortgage rate this past week, although running high compared to the recent 13 week average.
This week there will be several Fed announcements on Wednesday and it's expected that they will pause future rate hikes as they continue to see cooling in the inflation numbers.
The Consumer Price Index is one of the determining factors that will be discussed on Wednesday, which is a major driving force on Mortgage rates.
"Marry the House, Date the Rate", as they say.
To sum it up...
Sales continue to be strong in Sussex county, with the exception of the East of Rt1 quadrant, where both Resale and New Construction are being affected by lower than normal inventory.
In spite of higher interest rates, Buyers are still buying with the idea that they would rather buy a home at todays price where they can refinance later, than wait for a lower rate but prices will have gone up.
Rehoboth Bandstand 2023 Entertainment Begins June 9
"We are thrilled to kick off our Summer Concert Series with such an incredible lineup," said Corey Groll, program director for the bandstand. "These free performances promise to deliver an unforgettable experience for our audience, showcasing the remarkable talent and diverse musical styles that the bandstand is known for."
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*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.
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