Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings
The Main Story...
... more inventory, more closings, lower interest rates.... 'Tis the Season!
November 2023
With only one percentage point below last year, this is the closest we have come all year to meeting or exceeding year over year closings.
The average home price has retracted a little from last month and last year, but that has to do with more townhomes and condo's selling (+16%) vs. last year. The lower price of these properties is naturally bringing the overall average down.
New Listings are up 11% vs. the same month last year, indicating more sellers willingness.
The Average Days on Market for homes sold has accelerate compared to last year with active listings holding about the same number of days as last month (20% longer than last year).
Interest rates have come down dramatically in the last two weeks with last week seeing a national average of 7.44%.
"Marry the House, Date the Rate"
To sum it up...
November closings were strong compared to last year in spite of higher average interest rates. Townhomes and Condos lead the charge where buyers are showing the strongest interest.
With more inventory coming on the market, the current trend of lower interest rates is a great sign for borrowers as more choices come on the market.
New Listing Alert! 2 Madaket Court, Rehoboth Beach
Conveniently located just 4 miles to down town Rehoboth Beach, this 4 bedroom, 3.5 bath home has a recently remodeled kitchen and an open floor plan. Warm up in front of the fireplace in the living room on chilly winter days. The bright sunroom accesses the large deck overlooking the community pond and fountains. A flex room on the main living level can be used for entertaining or as another bedroom if additional space is needed. The primary bedroom suite is located on the main living level with 3 more bedrooms and 2 full baths upstairs. Completing the second floor is a large bonus room, great for secondary living. Not to be overlooked is the full basement with walkout access to the rear yard.
For more information and additional photos, click here - View Listing
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