Monday's Main Event - Vol. 123.0 - 04.28.2025

 

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... ... April results are in... Sales are down and inventory is up... April closings ended the month down -9% from a year ago.  This also equates to a -20% decline to the 5 year average for the month.  While we've seen decreases from the 5 year averages since the highs during Covid, this is the first month this year that we've seen such a steep decline from the prior year. Home prices are up 3.5% from a year ago.  We generally see this phenomenon as the number of homes sold constricts. New listings are up 9% from a year ago, topping the total number of homes Active and on the market at just over 1200.  Currently, there are more than 60% of Active listings on the market for more than 30 days and more than 40% of the Active listings have been on the market more than 60days. The 30 year fixed rate mortgage average ended them month just over 6.8%.  The market uncertainty driven by the global tariff situation has caused lenders to be a little more conservative.  This behavior tends to slow home sales. To sum it up...  As we saw in last week's analysis, homes sales across Sussex county have slowed down, with the exception of East of Rt.1, which tends to be a different type of buyer, being closer to the water.   As more inventory comes on the market and home sales slow, there will be more pressure on Sellers to compete for fewer Buyers.  This may mean more aggressive pricing or different incentives to sway Buyers their way. It is important to note that our new listings year to date are still about -40% BELOW where were were for the same time period in 2019 and the average days on market for this time period, currently 36 days, is down from the 2019 time period of 45 days. Open House this Saturday, 5/3 from 11am to 1pm.  Less than a year old, this newly constructed Schell Brothers Southport model is exceptionally appointed with all of the features of a modern, luxury coastal home.  The bright and open floor plan, complete with a Chef's Kitchen, allows for elegant, casual entertaining and is the perfect retreat after a long day.   For more information, View Listing View Video Tour - Click Here View Virtual Tour - Click Here Looking for a Deal ? See what's been sitting around for more than 90 Days and where the greatest opportunities are to negotiate with Sellers Detached Homes Townhomes Condominiums Manufactured Homes See something you like ? Call, Text or Email me for more information. jeff@jeffheckerhomes.net  215-432-3066 Accredited Buyers Reprensentative I'm proud to say that recently I became an Accredited Buyers Representative through the National Association of Realtors. This accreditation is geared toward the nuances of a Buyer and Seller relationship and how Agency comes into play with Unrepresented Buyers. Did you know, if you're a Buyer and don't have an Agency relationship with your Realtor®, they are representing the Seller, NOT YOU!? For More Information: Jeff Hecker - 215-432-3066 - jeff@jeffheckerhomes.net Click Here to start your home search, today! Help me, help you. Complete the Survey 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.