Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings
The Main Story...
... With prices holding steady and inventory of resale homes lower than it's ever been,
some buyers are finding that they need to put their dreams on hold while others are forging ahead.
June 2023 - Final
Digging deeper into the June numbers, we can see the month ended with many fewer transactions in the East of Rt 1 Quadrant with all quadrants higher in average price vs. a year ago, with the exception of West of Rt13.
Newly listed Resale properties were down in June by 28% from last year with all quadrants seeing double digit declines. Compared to the end of June last year, we've had roughly 600 fewer new listings this year, a ~20% drop year over year. Compared to pre-Covid, year to date we've had ~1,100 fewer listings vs. the first half of 2019 or ~35% reduction in new listings being offered.
Just when you think rates have stalled, they tick up again. With another 10th of a point increase from the prior week they are still slightly lower than the highest point in the last year (7.08% in Nov 2022).
"Marry the House, Date the Rate", as they say.
To sum it up...
Slicing and dicing continues to show the same results at a more granular level. Sales are down East of Rt. 1, where there are fewer and fewer New Construction opportunities and prices have escalated to ~$1MM on average, while the other three quadrants have alls seen stronger sales with modest price increases.
Inventory of resale homes continues to be a challenge for the market and will likely continue to keep home prices higher for the near term.
Delaware-based Paul Cullen Wines is now distributed by Opici Family
Lewes-based Paul Cullen Wines recently announced Opici Family Distributing is now handling the company’s collection of Italian wines.
While touring with the rock band Bad Company, Cullen sampled some of Europe’s finest wines, and he entered the wine distribution industry before starting an in-home dining business that features Italian food, complementary wines and a private concert.
I've personally experienced Paul's private in-home cooking and concert experience with friends, and it's something unique and really enjoyable. I highly recommend it.
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