Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings
The Main Story...
... Reflecting on 2023 by quadrant and looking into 2024.
2023 In Review
As we look at final Closed stats for 2023, we can see in every quadrant New Construction sales were up in both units and dollars over 2022 while Resale units were down across the board. This shows a direct correlation to the lower than historical levels of Resale inventory pushing buyers into new construction.
That said, Resale homes command close to two-thirds of the transactions, showing that Buyers still prefer homes that are ready to move into vs. the stress of picking finishes, the unknown final costs, and waiting of New Construction.
Interest rates dropped again last week and are less than a quarter of a point higher than a year ago. Looking forward, February a year ago rates were flat to January, so as rates trend down this year, we may see rate improvements coming in February vs. last year.
"Marry the House, Date the Rate"
To sum it up...
Due to lower than historical average Resale inventory, more Buyers found themselves buying New Construction than the year before.
Lower Resale inventory and higher acquisition cost of New Construction drove the average home price up in all quadrants, except West of 13.
Interest rates continue to push down providing more purchasing power for ready-willing-and-able Buyers which should in-turn bring more Resale inventory onto the market.
Call, Text or Email me - 215-432-3066 // jeffheckerhomes@gmail.com
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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.
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