Despite all the rain we have had, buyers are out in full force, looking for deals and new homes! It has been a busy Spring/Summer so far ... at least in our office. Below is a breakdown of what has sold this year thus far.
Single Family - 585
Condo / Town Home - 192
Mobile - 93
Multi Family - 3
Lots / Land - 136
Farms - 4
Commercial - 19
The total closed real estate transactions for the year thus far is 1,032. Seventy-one homes sold since my last update, which was June 15, so that is a great indication that things are really moving. The average list price, as of May 31, was $316,358, with an average sales price of $294,883. Homes sold at 93.2% of list price and averaged 199 days on market.
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
Wednesday, June 24, 2009
Monday, June 15, 2009
300 Lakeside Drive
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
18528 Big Burn Lane
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
403 Rehoboth Avenue
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
30190 Whitehall Drive
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
27159 Indian Meadows Circle
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
Steady home sales could be positive signal
April sales are a sign to some economists that the worst of the housing downturn may be over.
NEW YORK (CNNMoney.com) -- Sales of newly constructed homes were almost flat in April -- but in a sickly housing market, economists saw a few reasons for hope.
The Commerce Department said new home sales ticked up 0.3% last month to a seasonally adjusted annual rate of 352,000. That was from a downwardly revised reading of 351,000 in March.
Analysts were looking for the rate of new home sales to rise to 360,000, according to a consensus estimate of economists compiled by Briefing.com.
"We aren't seeing a huge upswing in market conditions. But we aren't seeing things fall apart again, either," said Mike Larson, real estate and interest rate analyst at Weiss Research, in a research note.
New home sales -- which have plunged as builders struggle to construct homes to compete with drastically cheapened foreclosure properties -- were 34% below the same month a year ago, when they estimate stood at a 533,000 annual rate.
The median sales price of new homes rose to $209,700 in April, up nearly 4% from a revised median home price of $202,200. That was still 14.9% behind the median price of $246,400 the same month a year ago. The average sales price was $254,000, down 1% from a revised $257,100 in March.
Inventory reduced: Drastically reduced prices have lured in enough buyers to start chipping away at the glut of inventory that has been weighing down the market. At the end of April, the seasonally adjusted estimate of new homes for sale was 297,000, or a 10.1 month supply at the current sales rate. In January, there was a revised 12.4 months of supply on the market.
"Inventory levels continued to improve and broke through 300,000 for the first time since 2001," said Adam York, economist at Wachovia, in a research note. "We are encouraged by the relative stability in sales and the continued improvement in inventory levels."
Plunging mortgage rates also served to attract buyers into the market. But as Treasury yields have risen recently, so have mortgage rates. According to a weekly survey from Bankrate.com, the 30-year fixed mortgage rates rose to 5.45% in the week ended Wednesday, up from 5.24% in the prior week.
However, last week's rate was still significantly below the 6.20% of a year ago, and the historically low rates could continue to bring buyers, according to one economist.
"We still think the combination of very low mortgage rates and falling inventory will entice people back into the market in greater numbers over the next few months," said Ian Shepherdson, chief U.S. economist at High Frequency Economics, in a research note.
But he called the April sales rate "a bit disappointing, given the hefty increase in homebuilder sentiment in the past couple of months."
Slow and steady: Going forward, if indeed the worst is over, economists say improvement will be slow and steady.
"Looking back, January may turn out to have been the bottom in new home sales," said Wachovia's York. "We do not expect a major pick-up in the near term, but stability over the summer would not be a surprise."
Even with home inventory levels shrinking and home prices attracting new buyers, "there is no evidence whatsoever of a renewed housing boom -- just a gradual increase in activity in some markets, brought about by lower prices, lower mortgage rates, and tax and builder incentives," said Weiss' Larson.
By Catherine Clifford, CNNMoney.com staff writer, last updated: May 28, 2009: 12:07 PM EThttp://money.cnn.com/2009/05/28/real_estate/new_home_sales/index.htm?postversion=2009052812
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
Lower taxes: Silver lining of falling home prices
Home price declines are causing tax assessors to revalue properties downward. Taxes will follow.
NEW YORK (CNNMoney.com) -- Your home value has sunk like a stone, and you're so far underwater you'll have to hold your breath for years. Can you at least get a break on your property taxes?
In some cases, yes. Many municipalities' tax bills are due in May, and the tab for 2009 could be lower.
As a rule, city and county assessors reappraise property values annually or biannually, using recent sales of comparable homes in the neighborhood to set values. So in areas that have seen significant drops in home prices, appraisals - and thereby property taxes - could also drop.
"Assessors have been flooded with requests from homeowners to reassess their home values," said Los Angeles County Assessor Rick Auerbach.
California is a special case, however, thanks to Proposition 13, a 30-year-old amendment to the state constitution that limited property tax increases to 2% per year. That meant that as California markets churned out double-digit price increases year after year, assessed values soon fell way behind market values.
As a result, only people who purchased homes at or near the market peaks are likely to have their homes revalued down. Those bought before 2003 likely have their assessed value still lagging market values.
For example, if you bought a home in Santa Monica in 1998 for $300,000, the home may still be worth $1 million - even after losing 25% of its value during the past two years. Meanwhile, its assessed valuation has only crept up about 25% to $375,000. No soup for you. As a matter of fact, your assessment should rise 2%.
However, recent buyers in areas such as Merced and Los Angeles, where prices have fallen more than 50% from their peak, should get tax breaks. Someone may have purchased a Merced house two years ago for $200,000, but the property is now valued at $100,000. The assessment, and the taxes, will be cut to reflect that decline.
In Los Angeles, the savings could be substantial; the average owner of those properties Auerbach is now reassessing should save an average of about $1,300 a year.
Less likely to get cuts
In other states, even if tax assessors reduce appraised values to reflect market conditions it still does not automatically mean a property tax cut. Localities could still raise their tax rates, the percentage of the home's value that is used along with the assessed valuation, to calculate the final bills.
"Taxes are based on property values times [the tax rate]. We could have declining values but make up for it by raising the rate," said Bill Donegan, the property appraiser for Orange County, Fla., which includes Orlando.
This year, though, the value drops are so steep that any rate rise will probably not offset the lowered assessments. Plus, governments usually can't just raise rates indiscriminately.
"In most places there's a statuary limit to rate increases," said Ken Wilkinson, the property appraiser for Lee County, Fla., where Cape Coral home values have plunged 44% from their peaks. "In Florida, they can't be raised more than 10%."
That should lead to substantial savings. In Orange County, the average taxpayer paid about 8% less last year, or nearly $130. "They may see a bigger drop this year," said Donegan.
The savings will be more modest, or non-existent, in states with lesser price declines. Many localities will raise rates enough to offset lower assessments, according to Joseph Henchman, the Director of State Projects for the Tax Foundation, a group that studies tax policy.
"The actual [revenue] collections could still rise or stay about the same," he said.
Governments may also raise fees on water, sewage and other services to keep up with looming budget deficits. They could even create entire new taxing entities, known as tax district, to fund fire departments, law enforcement, even libraries.
The local governments must keep revenues up to pay for programs they initiated during more flush times.
"We often see a ratchet effect," said Henchman. "Spending goes up when collections are strong but stay up even when collections go down."
Les Christie, CNNMoney.com staff writer, last updated: May 27, 2009: 2:25 PM EThttp://money.cnn.com/2009/05/27/real_estate/property_tax_breaks/index.htm?postversion=2009052714
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
May foreclosures fall - but still high
Foreclosure filings fall 6% from April but still post third worst month on record.
NEW YORK (CNNMoney.com) -- Lenders filed fewer foreclosure notices in May, but the total number of filings was still the third-highest monthly total on record.
One of every 398 households in the United States received some kind of filing, including notices of default, scheduled auctions or bank repossession, during May. That was a decline of 6% from April but an increase of 18% compared with May 2008.
And the ultimate type of foreclosure filing - bank repossessions - increased during the month, according to RealtyTrac CEO James Saccacio.
"While defaults and scheduled foreclosure auctions were both down from the previous month, bank repossessions, or REOs, were up 2%" he said, in a prepared statement. "We expect REO activity to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end."
But overall, the May statistics underscore what may be a slight improvement. The number of filings trailed off toward the end of the month, according to RealtyTrac spokesman, Rick Sharga.
"We're still coming through a three-month period like nothing we've ever seen before," he said, "with nearly a million filings in all."
The month saw big increases of repossessed homes in several states, including Michigan, Arizona, Washington, Nevada, Oregon and New York. In Michigan alone bank repossessions went to 6,246 from 3,560 in April, a 75% increase.
And it could have been worse. Sharga said he's been hearing anecdotal reports of banks taking homes all the way through the foreclosure process and then suspending further action.
"We hear the servicers are pulling back from the brink," he said. "They want someone in the house."
Vacant homes are subject to vandalism and looting and often quickly lose whatever value they have. Thieves crash through plaster walls to get at copper wiring and plumbing or strip aluminum siding from exteriors, in many cases eliminating any chance of salvaging the property.
States of foreclosure
The foreclosure problem is widespread but reaches plague proportions in 10 states; those hardest-hit areas account for 77% of all foreclosure filings. California had more than any other state with with 92,249 - nearly 29% of all U.S. filings.
Florida posted the nation's second highest number at 58,931, up 50% from May 2008. Other top 10 states were Nevada (17,157), Arizona (16,865), Michigan (13,891), Ohio (11,360), Illinois (10,942), Georgia (10,516), Texas (9,813) and Virginia (5,385).
Nevada had the highest foreclosure rate with one filing for every 64 households. California, with one for every 144, and Florida, with one for every 148, were second and third respectively.
Working through the problem
The foreclosure boom has depressed home prices and that has brought homebuyers back into some markets. In fact, sales volume is much stronger in many states compared with 2008, and affordability has improved to levels not seen in many years.
"In some of the 'ground-zero' places, like Stockton, parts of Phoenix, San Diego and some others, buyers are bidding bank-owned homes up, way, way over the the asking prices" said Sharga.
What could slow down this market revival, however, is the recent bump in mortgage interest rates.
Rates for a 30-year, fixed-rate loan have jumped to about 5.5% from about 4.8% five weeks ago. That adds about 12% to monthly mortgage payments, almost as if the house increased that much in price.
If the higher rates cause demand for foreclosures to slacken, the nation could see further addition to its supply of repossessed homes. That could send more home prices plummeting, pushing more mortgage borrowers underwater (owing more than their properties are worth) and closer to foreclosure.
By Les Christie, CNNMoney.com staff writer, last updated: June 11, 2009: 9:01 AM ET
http://money.cnn.com/2009/06/11/real_estate/May_foreclosures_decline/index.htm?postversion=2009061109
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
NEW YORK (CNNMoney.com) -- Lenders filed fewer foreclosure notices in May, but the total number of filings was still the third-highest monthly total on record.
One of every 398 households in the United States received some kind of filing, including notices of default, scheduled auctions or bank repossession, during May. That was a decline of 6% from April but an increase of 18% compared with May 2008.
And the ultimate type of foreclosure filing - bank repossessions - increased during the month, according to RealtyTrac CEO James Saccacio.
"While defaults and scheduled foreclosure auctions were both down from the previous month, bank repossessions, or REOs, were up 2%" he said, in a prepared statement. "We expect REO activity to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end."
But overall, the May statistics underscore what may be a slight improvement. The number of filings trailed off toward the end of the month, according to RealtyTrac spokesman, Rick Sharga.
"We're still coming through a three-month period like nothing we've ever seen before," he said, "with nearly a million filings in all."
The month saw big increases of repossessed homes in several states, including Michigan, Arizona, Washington, Nevada, Oregon and New York. In Michigan alone bank repossessions went to 6,246 from 3,560 in April, a 75% increase.
And it could have been worse. Sharga said he's been hearing anecdotal reports of banks taking homes all the way through the foreclosure process and then suspending further action.
"We hear the servicers are pulling back from the brink," he said. "They want someone in the house."
Vacant homes are subject to vandalism and looting and often quickly lose whatever value they have. Thieves crash through plaster walls to get at copper wiring and plumbing or strip aluminum siding from exteriors, in many cases eliminating any chance of salvaging the property.
States of foreclosure
The foreclosure problem is widespread but reaches plague proportions in 10 states; those hardest-hit areas account for 77% of all foreclosure filings. California had more than any other state with with 92,249 - nearly 29% of all U.S. filings.
Florida posted the nation's second highest number at 58,931, up 50% from May 2008. Other top 10 states were Nevada (17,157), Arizona (16,865), Michigan (13,891), Ohio (11,360), Illinois (10,942), Georgia (10,516), Texas (9,813) and Virginia (5,385).
Nevada had the highest foreclosure rate with one filing for every 64 households. California, with one for every 144, and Florida, with one for every 148, were second and third respectively.
Working through the problem
The foreclosure boom has depressed home prices and that has brought homebuyers back into some markets. In fact, sales volume is much stronger in many states compared with 2008, and affordability has improved to levels not seen in many years.
"In some of the 'ground-zero' places, like Stockton, parts of Phoenix, San Diego and some others, buyers are bidding bank-owned homes up, way, way over the the asking prices" said Sharga.
What could slow down this market revival, however, is the recent bump in mortgage interest rates.
Rates for a 30-year, fixed-rate loan have jumped to about 5.5% from about 4.8% five weeks ago. That adds about 12% to monthly mortgage payments, almost as if the house increased that much in price.
If the higher rates cause demand for foreclosures to slacken, the nation could see further addition to its supply of repossessed homes. That could send more home prices plummeting, pushing more mortgage borrowers underwater (owing more than their properties are worth) and closer to foreclosure.
By Les Christie, CNNMoney.com staff writer, last updated: June 11, 2009: 9:01 AM ET
http://money.cnn.com/2009/06/11/real_estate/May_foreclosures_decline/index.htm?postversion=2009061109
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
Sussex County Home Sales - as of June 14, 2009
There has been a flutter of activity in the locate real estate market, and it is showing in the statistics. The season is beginning for the summer guests, the interest rates, although slowly climbing, are still enticing people to purchase homes, and we are seeing more homes close successfully. Below is a breakdown of what has sold this year thus far.
Single Family - 547
Condo / Town Home - 182
Mobile - 84
Multi Family - 3
Lots / Land - 124
Farms - 3
Commercial - 18
The total closed real estate transactions for 2009 thus far is 961. The average list price as of May 31, 2009 was $316,358, and an average sales price of $294,883. Homes are selling at 93.2% of list price, and averaging 199 days on the market.
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
Single Family - 547
Condo / Town Home - 182
Mobile - 84
Multi Family - 3
Lots / Land - 124
Farms - 3
Commercial - 18
The total closed real estate transactions for 2009 thus far is 961. The average list price as of May 31, 2009 was $316,358, and an average sales price of $294,883. Homes are selling at 93.2% of list price, and averaging 199 days on the market.
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
Tuesday, June 2, 2009
Sussex County Home Sales - as of June 1, 2009
There is a buzz of a good news spreading throughout the nation regarding the state of the real estate market. Across the board, sales are remaning steady, and we are even seeing increases in pending sales. The beach resort area is no stranger to that as well -- it has been experiencing a rather comfortable 2009 so far! Homes are selling, some within a matter of days, buyers are looking and seller's are having to make less concessions. I would almost risk it to say that we are seeing a decline in short sales as well. Regardless, this is a great indication that the market is indeed turning, across the board, and we are all benefitting! Below is a breakdown of what has sold for this year thus far.
Single Family - 491
Condo / Town Home - 163
Mobile - 76
Multi Family - 3
Lots / Land - 112
Farms - 3
Commercial - 17
The total closed real estate transactions for the year thus far is 865. As of April 30, 2009, the average list price was $314,740, and a sales price of $293,773. Homes sold at 93.3% of list price, and averaged 193 days on the market.
I am curious to see how much those averages will change once the stats come out for May, which should hopefully be available by my next market update post. Until then, enjoy the beautiful weather and bask in the rays of a turning economy!
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
Single Family - 491
Condo / Town Home - 163
Mobile - 76
Multi Family - 3
Lots / Land - 112
Farms - 3
Commercial - 17
The total closed real estate transactions for the year thus far is 865. As of April 30, 2009, the average list price was $314,740, and a sales price of $293,773. Homes sold at 93.3% of list price, and averaged 193 days on the market.
I am curious to see how much those averages will change once the stats come out for May, which should hopefully be available by my next market update post. Until then, enjoy the beautiful weather and bask in the rays of a turning economy!
Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.
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