Monday's Main Event - Vol. 53.0 - 10.23.2023

 

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... ...  Entering the holiday season we are seeing a lot of consistency from where we started the year.  Lower inventory levels drive lower transactions and higher prices.   October 2023 Month To Date Month to date, October closings are running behind last year, as has been the trend all year, which we expect to continue with lower than typical inventory levels. Roughly 55% of the closings year to date have sold below the original list price.  While that is pretty consistent with the year to date percentage, the discount amount has increase about 40 basis points (.4%) compared to the year to date average of -7.7%. Similarly, we're seeing close to 30% of the closings above the original list price by 9.5% on average. Active listings continue to rise with close to 40% of the current active inventory coming on the market in the last 30 days. For the last 13 weeks we've seen increases in the average 30 year fixed mortgage rate.  While Conventional mortgages are still more than 50% of the closings, Cash transactions have increased from 27% of the total to 35%. "Marry the House, Date the Rate" To sum it up...  An increase in Cash transactions is allowing Buyers to move more quickly and take advantage of discounted home prices without the counter effect of paying more in a higher interest rate market. Inventory levels are still well below where they were before the pandemic, and until they get back up to 2019 levels we expect to continue to see shorter days on market and higher prices, with moderate discounting. Click Here to start your home search, today! Help me, help you. Complete the Survey Sea Witch Festival 2023 October 27-29, 2023 If you know, you know....  The Sea Witch Festival in Rehoboth Beach is one of the biggest events all year with the biggest home-town parade of the season and fun for all ages. Dress in your ghoulest best (or not) and join in the fun. Click here for the full lineup of events. Content Courtesy of: https://www.beach-fun.com/sea-witch-halloween-fiddlers-festival.html 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.

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.