Monday's Main Event - Vol. 48.0 - 09.18.2023

 

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... ...  Month to date Closings are trending a little better than the year to date comparable metrics as we see prices becoming more stable. September 2023 - Month To Date As we take our first look at September stats halfway through the month, we can see a continuing trend in closings where they are down about 15% from last year.  This is consistent with year to date (-15.8%) from last year, showing that although sales are down, they aren't slowing and if anything, they may be picking up (August was down -13% from LY). Average prices remain pretty consistent with increases over last year and the 5 year average being a little narrower, giving the impression that although prices are still up pretty significantly, they are stabilizing.   Interest rates bounced up again last week holding a full 100 basis points higher than a year ago.  On a $400,000 mortgage, that increase equates to about $266.00 more in principal and interest payments every month.     "Marry the House, Date the Rate" To sum it up...  Home Closings seem to be keeping stride with the year to date pace, even though rates are up over last year.   For this to happen, we are seeing prices becoming more stable and a little more discounting occuring to make that happen. Click Here to start your home search, today! Help me, help you. Complete the Survey It's hard to say what is my favorite season, I love them all for their uniqueness.  There's something magical about Fall, though.  Things start to quiet down, people start to bundle up, and if you're lucky enough to live in a 4 season climate, the brilliance-of-colors is magnificent. It's also "Local's Summer" at the beach, when the meters are turned off for the season and the weather is still nice enough to relax on the beach and in town, with fewer crowds. The Autumnal Equinox is this Saturday, September 23rd at 2:49am. Happy Fall! Forward this to a Friend Real Estate Portfolio Analysis Stay up to date on your home valuations and real estate assets with a real estate portfolio review. New Newsletter Content Want something that you don’t see in this newsletter? Hit reply and let me know! Local Business Recommendations Reach out to me for any home improvement project contractors, or even food & activity recommendations. New Newsletter Content Want something that you don’t see in this newsletter? Hit reply and let me know!

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.