Monday's Main Event - Vol. 42.0 - 08.07.2023

 

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... ... Breaking down the numbers by Quadrant within Sussex County,  Overall, home sales are down year to date, but still up significantly, not too far from the beaches. July Year to Date 2023 - Final Now that July is complete, we can see that the trend in Sussex County quadrants continues, year to date. All Quads are posting more homes sold this year vs. last, EXCEPT East of Rt 1...  And, all Quads are showing higher than last year average sold price, EXCEPT West of Rt. 13. Similarly, when considering New Listings (Resale only, not including New Construction),  new listings are down more than 20% across the board while average list prices in each quadrant are virtually flat or up over last year. We're still seeing slight increases in 30 year fixed mortgage rates, but this doesn't seem to be preventing buyers who are finding the right home from making their dream of living by the beach a reality.   "Marry the House, Date the Rate", as they say. To sum it up...  In spite of significantly lower inventory and higher interest rates than a year ago, buyers are still finding homes that make sense both financially and emotionally.   Next week we'll dig deeper and take a look at a Year to Date comparison of New Construction and Resale Closings to see just how much of the current sales trend is being influenced by those segments of the market. Click Here to start your home search, today! The Chef's Table When I first moved to Rehoboth 11 years ago there was little to no restaurant scene, especially in the off-season.  We'll, that's changed a lot and there are so many great places to eat, all year round.   A Touch of Italy in Rehoboth, on Coastal Highway, is one of those spots.  Great Italian comfort food in a fun and relaxing atmosphere.   The restaurant has been so successful that they've expanded and expanded again, and now again....  Attached to the restaurant on Coastal Highway is a new addition recently revealed as "The Chef's Table";  which will facilitate growth and the next generation of ideas for this amazingly successful sleeping giant.  First, it will replace the current Touch of Italy Bakery at Five Points.... ...second the new building will centralize the restaurant’s existing Ocean City commissary into one location.  ... and, the third purpose (this is so exciting!!)... is a fully equipped TV studio/kitchen that rivals anything at Food Network where they plan on hosting guest chefs – both local and from all over the world (especially from Italy!) – to do cooking demonstrations before a live audience for both online streaming and broadcast.  This sounds awesome and I can't wait!!   Timing of it's opening is still TBD. Mangia!! Click HERE to read more Content Courtesy of The Cape Gazette:  https://www.capegazette.com/article/rehoboth%E2%80%99s-culinary-window-world/262275?utm_medium=Social&utm_source=Facebook&fbclid=IwAR0srBKSsZ4sSCoIKV1FfhqTBUTJyadC7j96n1CUJPvhjmEWHeFoZxJwNSU_aem_AWlZtOKsySEQh_yZfSkqLNbniZWcrJb1XHUbs07Oquks6yun7f-wConMi04lwNcdTt4#Echobox=1691153868

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.