Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings
The Main Story...
... The buck stops here....
Or does it???
July 2023 - Final
As we thought last week, the month of July ends down significantly from last year while the average home price has climbed almost 20% for the same period and more than 22% compared to the 5 year average.
The average Days on Market for homes that closed in July is only 19 days, with an average of 2.5% discount from the original list price.
Nearly 50% of the homes currently on the market are discounted just above 8% from their original list price.
Compared to a year ago, New Listings are down 35%, so while we still have a much lower than desirable level of inventory, their is significant pressure on homes that are sitting to discount deeper in order to find a Buyer.
The average Days on Market for current inventory is just over 20 days, which is being kept in check by 33% of that inventory having come on the market in the last month. With 62% of this months new listings still active, we will see the Days on Market continue to rise. As a point of reference.... For the same time period in 2019, the average Days on Market was 44, so we're still about half of where we were before the Covid effect came into play.
Mortgage rates increased again last week and I feel like the "talking heads" are all saying the same thing... surprisingly... "if the Fed doesn't curtail their increases, we'll be in a recession before you know it".... One thing I think everyone is agreeing on is the rate of inflation is getting to the point (near 2%) where the Fed WILL stop raising rates. BUT, when will they start lowering them? Time will tell.
"Marry the House, Date the Rate", as they say.
To sum it up...
I'm leaving last week's summary, as it's very relevant and super important to remember... even though rates are higher, NOW is still an excellent time to BUY or to SELL.
BUYER, BUYER, BUYER.. ARE YOU READY???
With homes sales slowing drastically, it's time for the price conscious buyer to get their duck lined up and ready to take advantage of some deep discounts.
Almost 40% of the inventory on the market 60 days or more is already discounted nearly 10%. That's more than 200 homes that are "MAKE ME AN OFFER" -ready.
If recent history is a looking-glass to the future, we should start to see mortgage rates come down again, so now's the time to lock in a great price, with great terms, and have 6-8 weeks of rate reductions (hopefully!) before locking in on a lower mortgage.
I woke up yesterday morning and looked out side to see one of our resident bucks looking back at me. After a few days of intense heat, I'm sure he was as glad as I was for the cooler morning. I was really fortunate to be able to get my camera in time to snap this pic. I was just completely in awe of his size and color.
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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.
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