Monday's Main Event - Vol. 51.0 - 10.09.2023

 

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... ...  Builders and Resale sellers are continuing to see high demand in the wake of higher interest rates. September 2023 - Year To Date Closings in September ended down -20% from a year ago while year to date closings are down about -16% from the same time period last year.   West of Rt 1 continues to see stronger demand in both New Construction and Resale closings as prices are still higher than a year ago at +9.3% in September, overall. With nearly 500 homes closed on in September, the average number of days that those homes were on the market before going under contract was only 20 days.  This is up from 17 days in August and 14 days last September, but is still down from September 2020 (23 days) and 2019 (50 days). Interest rates are at all-time highs now.  Close to 60% of the homes closed on in September were sold below the original listed price by about -7% on average.  Although the number of homes sold below list price has increased throughout the year, the average discount amount has remained relatively stable. "Marry the House, Date the Rate" To sum it up...  With the exception of the East of Rt 1 quadrant demand is still strong, and prices are still higher than a year ago and the 5 year average, despite higher interest rates.    Builders are still seeing considerable sales increases from a year ago and where Resale inventories are increasing, they are also seeing positive growth. As interest rates continue to rise, we see Days on Market getting closer to the early days of the pandemic, but still much lower than pre-pandemic levels. Click Here to start your home search, today! Help me, help you. Complete the Survey Feature of the Week - 0 Keyway Court Build your dream home with no builder tie-in's! 0 Keyway Court is a cleared 6 acre parcel, complete with a pole barn, nestled on a private road shared with 3 other parcels. There is a 50' easement from Keyway Court to 315 acres of wooded State land.  Approved for a Low Pressure Pipe (LPP) Septic system and well.  Located in Millsboro, approximately 30 minutes to the area beaches (Lewes, Rehoboth Beach, Bethany Beach, and Fenwick Island). Contact me today for more information or a personal tour of the property. Click here to email me for more information 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. Market Stats for Specific Towns or Communities I’m here to help decode the mystery of the Sussex County Real Estate market. Let me know which communities you are interested in for more information.

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*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.