Monday's Main EventGet a jump on your week with the latest in local
Real Estate Market trends, Mortgage Rates, and Local Happenings |
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| ... IS THIS WHAT BUYER'S HAVE BEEN WAITING FOR? |
| More Sellers are discounting their homes than we've seen in the recent past. |
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June 2023 - Month To Date |
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With only ~240 homes closed on so far in the Month of June, with two weeks left, home sales are down more than 50% from last year and down about 40% from last month.
Similarly, the average home price that has been closed on is also down about 6% from last month and last year, although still up compared to the 5 year average.
Interestingly, still about 30% of the homes closed on this month were sold above the original list price and a little more than half were below the original list price. This is fairly consistent with the year to date stats, which leads us to believe that lack of inventory is still a challenge in Coastal Delaware.
In fact, the average number of days a home was on the market before it went under contract, that sold in June, was only 15 days. Detached homes were less than that with Condo's and Manufactured homes sitting a little longer. |
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All year we've been tracking about 200 homes that were discounted below the original list price. This number increased to about 215 for a few weeks, back in April, and then fell below 200 again through May. Now, nearly 50% of the inventory (268 homes) has been discounted at least once.
So far for June we've ONLY had 200 new homes come on the market. This is a 63% reduction from last year and ~45% lower than May, so far. With 2 weeks to go, it seems unlikely that we will be at last years level by the end of June.
It's also interesting to note that the average number of days of a home that's currently on the market is only 19 days (about 30% of the inventory has been on the market longer than 90 days) where, compared to pre-Covid 2019, the average was 45 days. |
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Mortgage rates dropped again this week with the Fed calling for a "Pause" on rate hikes, for now. The Consumer Price Index (CPI) is still showing inflation, but is moving in the right direction, which was the reason for the decision, with caution.
"Marry the House, Date the Rate", as they say. |
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To sum it up...
The Market is still showing signs of strength in the low number of Days on Market for both Sales and Inventory stats, but Sellers are starting to feel some pressure to discount.
With the average reduction still sitting in the 7% range, no one is giving the farm away, so to speak.
Fewer new listings coming on the market may indicate that the current inventory will quickly become stale and deeper discounts will be needed to get them to move. If you're looking for "a deal", get on the front end of the curve and act now.
Click Here to start your home search, today! |
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The Oldest Town in Delaware Is 145 Years Older Than America Itself |
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The oldest town in Delaware is Lewes, the first European settlement in the state. It was a popular whaling and trading post founded by the Dutch on June 3, 1631, making it 392 years old. The original town was named Zwaanendael, which means Swan Valley. The town, however, didn’t last long. Local Lenape Indians killed the 32 Dutch settlers a year later. Still, this wasn’t the end for Lewes. Even today, about 3,300 people call Lewes, Delaware home. Read More HereCourtesy of: a-z-animals.com |
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