First, 16 Patriot's Way reduced price from $889,500 down to $879,500 after 111 days on the market. This is their first reduction.
At the same time, 36 King's Creek Circle went under contract after only 13 days at the original asking price of $777,000leaving 11 more active with an average listing price of $749,923 and 853 days on the market.
6 King's Creek Circle closedon the 18th of July for $540,000after 224 days on the market. It had been reduced twice from the original $619,000 asking price and was at $589,000 at the time of contract. It is a 4 bedroom, 4 bath two story built in 1998 on a 100 x 222 foot lot. It was advertised to have "1st and 2nd floor master suites, state of the art kitchen, formal living room, dining room, sun room in a versatile 4 or 5 bedroom floor plan".
Another Berkley model (similar to the one shown here) has come on the market at 16253 John Rowland Trail. This is the largest floor plan Beazer built in this community averaging between 2,800 and 3,200 dwelling square feet. This one has 4 bedrooms, 3.5 baths and was built in 2007. It is advertised to have a "fenced back yard, many upgrades, hardwood, ceramic tile, granite, 42" cabinets, chef's kitchen, extended master bedroom, up and down masters, lrg screened porch". The listing price is $389,000???
At the same time, 16625 John Rowland Trail (a twin/duplex) went under contract after being on the market 108 days this time. The asking price at the time of contract was $285,000.
507 King Charles Avenue came on the market on the 19th for $1,275,000 bringing the number of active SFHs in South Rehoboth up to 13 with an average listing price of $1,518,250 and 278 days on the market. This 4 bedroom, 3.5 bath two story "Coastal Colonial" sits on a 50 x 97.5 foot lot 5 or so blocks south of Rehoboth Avenue and a little over a block from the ocean. It advertises 2,161 dwelling square feet and comes with a one car garage. The Listing Agent makes the point that the "screened porch and garage could not be replaced in present location due to code changes (FAR regulations)". It is being sold furnished.
Some how I missed seeing this super nice town house come on the market. There were only a few of this model built in Canal Corkran and they were very spectacular. This one came on the market on May 30th at $699,900 and no surprise has already gone under contract. It is 15 Richardson Way, just to the left as you enter the community.
225 Munson Street has come on the marketand Sellers are asking $1,699,000for it. It is a 5 bedroom, 4.5 bath two story contemporary built in 2005 on a 50 x 100 foot lot three blocks from the beach. Agent says it has "great flow and light with open floor plan, large gourmet kitchen and great room leading to pool area.....3,500 +/- total square feet, screen porch, hardwood floors, 10 foot ceilings, fireplace and more". It also has an in-ground pool, fencing and irrigation.
48 Oak Avenue has come on the market for $1,795,000. It is a 3 bedroom, 3 bath two story built in 2012. It is currently a rental home advertising $32,000 in annual gross rental income. It also advertises "beautiful hardwoods, cooks kitchen, large bedrooms and beautiful custom baths. The screened porch overlooks private yard with flagstone patio and perennial plantings...only a short walk to the beach".
109 Henlopen Avenue has gone under contract after 145 days on the market. It was at the original asking price of $1,300,000at the time of contract signing.
Another Easton model has come on the market at 16502 John Rowland Trail. The Easton is a two story, 4 bedroom model built by Select Homes out of Ocean View. This one sits near the back of the community and is one of the few that offers a two car garage. This one is being offered at a good value for $355,000. There are now 4 Eastons listed for sale.
16232 John Rowland Trail has reduced price again, this time down to $358,900. This Carrolton model, Beazer built home has been on the market now for 430 days and started at $449,900. It sits on a corner lot across from the tennis courts in mid Paynter's. It advertises some features geared to those who are physically challenged.
This 3 bedroom Twin (Carriage Home) at 16266 John Rowland Trail is a beauty. It is loaded with builder upgrades and sits on a corner lot near the front of the community and has a fully fenced back and side yard that has been turned into a botanical garden by the current owners. Sellers have listed this property at $295,000 representing one of the best values in real estate going on a per square foot basis. This home boasts over 2,400 square feet. There are actually three, 3 bedroom Twins currently on the market at $285,000, $295,000 and $299,500. If you care to take a look click HERE to see the Visual Tour. It's a winner.
136 Columbia Avenue went under contractJune 29th after 543 days on the market. It had been reduced once from $999,000 to $930,000back in October of 2013 and remained there until the contract was inked a few days ago. That leaves Columbia Avenue with 7 more active SFH listings with 5 more on Henlopen Avenue. Both streets are heavily traveled.
6 Stockley Street went under contract yesterday after 297 days on market. It had been reduced a few times since listing back in September, 2013 and was listed at $1,650,000 at the time of contract signing.
35 Eleanor Lee Lane closedon June 30th after being on the market for only 12 days. Buyers paid cash for this 5 bedroom, 4.5 bedroom two story advertising 4,200 dwelling square feet. "Comfort and elegance define this extraordinary plantation style custom built Garrison home.....2 owner's suites, 3 en-suite bathrooms, study, formal dining room, chef's dream kitchen and great room with fireplace and soaring ceilings, two verandas, and landscaped patio". It closed for $1,150,000.
At the same time, 30 Wade's Court was coming on the market. This 4 bedroom, 3.5 bath two story colonial was built in 2003 on a 1/3 acre lot and Listing Agent claims it to have 3,970 dwelling square feet. She also mentions the "hardwood floors, tray and coffered ceilings, porches and decks, granite counters, stainless steel appliances, library, outside kitchen, in-ground pool, flagstone patio and lush landscaped gardens...third bay of garage has been converted to heated gym". Asking price for this baby is $1,275,000.
20 King's Creek Circle reduced price for the first time since listing back in March of this year. Sellers actually raised the price back in late March from $475K to $489K but have now reduced to $469K. All that in only 104 days of being on the market.
104 New Castle Street went under contract on the 2nd after 174 days on the market. It was at the original asking price of $1,300,000at the time of contract signing.
At the same time, 9 Delaware Avenue closed for $1,100,000or 88% of the asking price of $1,249,000. It had been on the market a cumulative 718 when it went under contract. It is a 6 bedroom, 3 bath two story on a 50 x 100 foot lot on the ocean block. It had an "attached apartment....furnished and sparkling clean....wrap around screened porch, private back yard with outdoor shower and 2 rental licenses". It advertises $45,000 in annual gross rental income.
118E Philadelphia Avenue has come on the market for $1,675,000. This home is part of the Cottages At Philadelphia Place consisting of eight homes. This one has 5 bedrooms, 5 full and 2 half baths. It was built in 2005 and has 3 stories. Listing Agent advertises it to be "just over a block to the beach.....sophisticated layout with 4 master bedrooms, 3 gas fireplaces, office/den, finished basement with bar area and 2 walls of built ins, game room, outside shower and garage". Agent also states it generates $85K in annual gross rental income.
36 King's Creek Circle becomes the 8th home on "the circle" on the market. This one is offered for $777,000. It is a 5 bedroom, 4.5 bath two story cape cod built in 2000 on a golf course lot. It advertises 3,500 dwelling square feet "a fantastic open floor plan w/formal dining and living, first floor master bedroom that opens to patio overlooking the golf course, bonus room above garage, finished attic/bonus, in-law suite and separate irrigation well".
Single Family Homes in June 2014 eeked out a slight gain over the same month in 2013 with 245 recorded closings vs. 243 respectively. That brought the YTD down to 102.3% vs 2013 same period. Unfortunately inventory went up another 2.2% by the end of June and now sits at 22.4% above the end of the year 2013. SFHs under contract droppedby the end of June to 546, down from 557 at the end of May. Sellers got 95.8% of their listed price, the highest level of the year. While the average selling price dropped from May, June recorded the 2nd highest level of the year at $387K. That is well above the full year 2013 average of $343K. With half of the year in, the YTD average selling price is $357,100. At the 6 month average closing rate, we are now sitting on 14.4 months supply of inventory, well above the national average of between 5 and 6 months. This is why the rise in prices in this market are not keeping up with the national average. New construction continues to dominate this market and set prices unless you are fortunate enough to own in town or near the beach where new construction is not a factor. Interest rates have gone down however and are now hovering around 4.125% for a 30 year fixed.
Condo/Townhouse closings were very slow coming in at only 78% of last June or 70 vs. 90. That brought the YTD number down to 101.3% of last year, still ahead. Inventory was lowered by 1 to 844 C/Ts on the market and units under contract went up slightly from 142 to 145. Sellers got 96% of their asking price and the average closing price was $296,814, down from May's $318,500 and below the YTD average of $306,521. The absorption rate (inventory divided by closing rate) went up slightly from 10.8 months to 11 months supply.
As always, if you have any questions or want more information regarding this material please contact me directly by phone or email. Remember, these figures are calculated daily through my analysis of the Sussex County MLS and are totally dependant on the accuracy thereof. Many Builders do not report sales to this MLS nor do For Sale By Owners. Also, our MLS service allows some other Counties to input data to ours and I try hard to make sure those numbers don't get into my analysis. Actual closing dates may not coincide with mine exactly as some agents take longer than others to load closings into the MLS. I report daily so my cut off is the last day of the month/year. If they report several days later, it will show up in my data for the next month/year. This analysis is intended to be used directionally, not literally.
The townhouses of Scarborough Village look just like the ones down Sea Pines in Bethany pictured here. 105 Scarborough Village had converted the single bath upstairs into 2 full baths giving this unit 2 full and 1 half baths. Most have just 1 full. This unit was only on the market for 77 days and closedfor 99% of the listing price or $445,000. The two that sold last year both went for under $220K.
4 Maass Lane closed June 27th after 185 days on the market. It was listed for $1,195,000 and closed for $1,145,000 or 96% of asking. It is a 4 bedroom, 3.5 bath two story contemporary built in 2005 with 4,200 dwelling square feet. The Listing Agent claims it to be "one of the best floor plans witnessed including large gathering areas, gourmet kitchen, butler's quarters, full basement, 2 premier master suites, office, formal dining, columned porch entry and more". 5 SFHs have now closed in CC with an average selling price of $1,174,400 and 77 days on market.
30844 E. Sallie Ross Bend just came on the market June 2nd for $359,000 and has already dropped $30K down to $329,000 or 23% less than the current owner paid back in early 2006. This 4 bedroom, 4 bath two story home on the pond should get snatched up quickly at this price. There are currently three Easton model homes listed for sale in PM.
11 Queen Street closed on Thursday for $2,500,000. This home was not listed for sale but put into the MLS for "comp" purposes only. All I know is that it is a 4 bedroom, 3 bath two story on a 100 x 100 foot lot. That is only the 6th recorded closing so far this year in SR with an average selling price of 1,785,250 and 435 days on the market (thanks in large part to 20 Stockley being on the market for 2,054 days. There are 12 more SFHs listed for sale.
48 Park Avenue has come on the market as a "to be built" single family home being constructed by Sandhill Homes. The plan is to build a 5 bedroom, 5.5 bath two story contemporary on this 50 x 100 foot lot in the 2nd ocean block of Park Avenue. The asking price for this 3,000 square foot home is $2,395,000 and it will of course have all the current upgrades folks are looking for in a newly constructed beach home including a full basement and outdoor pool. This builder just listed another home to be built on Henlopen Avenue.
At the same time, 51 Henlopen Avenue reduced price for the second time since listing back in March. It has been reduced from the original price of $1,895,000 down to $1,789,000 and now to $1,685,000.
16250 John Rowland Trail is a Berkley model, Beazer built home in the heart of Mill Pond Commons. It has 4 bedrooms and 3.5 baths and just about all the builder upgrades that were offered including gourmet kitchen, extended sun-room off of the master bedroom, bonus room upstairs, extra en-suite bathroom in the upstairs master, screened porch, ceramic tile, hardwood flooring, cherry cabinets, gorgeous granite kitchen, whole house humidifier and more. This was another Gail n Greg listed and sold home. It had only been on the market for 35 days and Sellers got 95% of their asking price of $419,000 or $400,000 even.
This vacant lot (.46 acres) at 32 Wade's Court was just sold the other day for $445,500, apparently to an investor(s) who has now contracted McGregor Custom Homes to build a spec house on it. They are starting out with a 6 bedroom, 6.5 bath two story Contemporary Cottage with 4,200 dwelling square feet. It will have a "separate garage (3 car) w/living quarters, basement, infinity pool, gourmet kitchen, butler's pantry, luxury bathrooms, wood fireplace, built-ins, outdoor shower and granite throughout". It will also have an in-ground pool and all the other bells and whistles luxury home buyers are looking for today. Buy early and there is flexibility as to design and upgrades. The new owners are asking $1,250,000for the finished product.
The Twin Home (Carriage Home) at 16625 Howard Millman Lane has reduced again to $285,000. Back in April, the Seller had raised the price from $279,000 up to $295,000. Trying to find the right price in this market is tough. It has been on and off the market for some time now, this time for 81 days.
75 Henlopen Avenue has come on the market for the asking price of $1,695,000. It is a 5 bedroom, 5.5 bath two story coastal contemporary that has just been built by Sandhill Homes on a 50 x 91 foot lot just 3 blocks from the beach. It advertises 2,669 dwelling square feet as well as a "front porch, open floor plan, hardwood floors, gas fireplace, spacious kitchen w/island, stainless steel appliances, rear patio and pool". This lot was purchased in June of this year for $795,000.
16585 John Rowland Trailis a Berkley model similar to the one pictured here. It has been on and off the market the last few years but has been listed this time for 300 days now. The price is being reduced for the first time during this listing from $393,000 down to $389,900.
23 Thompson Court reduced price yesterday from $929,000 to $899,900 after 67 days on the market. This is their first price reduction.
2 Wade's Court closedyesterday after only 65 days on the market. It was listed for $1,179,000 and closed for $1,100,000. It is a 4 bedroom, 3 bath contemporary ranch built in 2004 on a half acre lot. It was sold partially furnished and included "soaring ceilings, stone floors, spectacular landscaping & heated pool.......designed by Hugh Newell Jacobson and featured in magazines and the Rehoboth Cottage tour".
First the new listing at 119 Columbia Avenue comes with 4 bedrooms and 2 baths and $31,000 in annual gross rents. This ranch style home is built on a 50 x 100 foot lot about 4 blocks from the beach. Sellers are asking $975,000. Offered furnished.
At the same time, 37 Oak closed after only 2 days on the market for 90% of the asking price or $2,162,500. It boasts 5 bedrooms and 5.5 baths and was built in 2013 on a 54 x 100 foot lot and was sold furnished. In the agent remarks it says it was "remodeled in 2013....has a gourmet kitchen, vaulted ceilings, great furnishings, excellent rental income ($100,000), wolfe 5 burner cook top, beautiful floors and tile work".
Strange transaction at 8 Queen's Court in KCCC. Two Realtors got together and completed a transaction on this property that I frankly am not familiar with. This house was listed for $569,900 and sold for $253,000 which they are saying was just "a lot only transaction". There must have been some kind of swap of assets but I'm not sure what that would be. At any rate it is a 4 bedroom, 3 bath two story contemporary on a half acre lot. It is advertised to have 2,800 dwelling square feet.
A more conventional deal took place at 23 Patriot's Waywhere after only 18 days on the market this house sold for an even $1,000,000 after listing for $1,050,000. It is a 5 bedroom, 5.5 bath two story contemporary built in 2004 on a .68 acre lot. Listing agent says it is "absolutely stunning.....upgrades include a true Chef's kitchen, butler's pantry, great room with coffered ceiling & enviable hardwood floors, 1st and 2nd floor master suite and a fully finished walk-out basement".
603 Miller's Landing has reduced price for the third time since listing 686 days ago and is now offered for $224,500. This second floor 3 bedroom unit originally listed for $239,000 back in July of 2012.
16624 Howard Millman Lane has reduced pricefor the first time since listing 69 days ago. This is a 4 bedroom Twin Home that was originally listed for $299,900 and has now been reduced to $289,900. It is the only 4 bedroom twin currently listed for sale.
604 Miller's Landing is a 2nd floor two bedroom unit (larger floorplan) or Greenspire Linden model. It has been on the market several times, the latest for 215 days. The price has been reduced from $232,000 to $230,000.
3 South Fieldway Court has come on the market in KCCC. Sellers are asking $929,000 for this 4 bedroom, 3 full and 2 half bath two story built in 2003 on almost 3/4 of an acre. It is a colonial style home but at this time the Listing Agent has not posted any other "Remarks" about the house. There are now 11 active listings in KCCC averaging $755,832 asking price and 815 DOM.
6 King's Creek Circle went under contract yesterday after 244 days on the market. The asking price had been reduced earlier this month from $619,000 to $589,000where it was at the time of contract signing. Three now under contract.
44 King's Creek Circle came on the market yesterday, Sellers are asking $749,000 for this 5 bedroom, 4.5 bath two story contemporary built in 1999 on a half acre lot adjacent to the golf course. It is advertised to have 3,700 dwelling square feet as well as a "full finished basement with rec room and bar, 2 master suites, one also has a private sitting room, formal dining room, great room with stone fireplace, eat in kitchen, study, and sun room". There are now 12 active listings in KCCC, only two have closed so far this year and there are two more under contract waiting to close.
16376 John Rowland Trailsits on this pond in the heart of the "cottage section" of PM. It is an Easton model with 4 bedrooms and 3.5 baths and advertising 2,602 dwelling square feet. It is a two story, the largest home built by what used to be called RDM out of Ocean View, DE. I believe they now call themselves Select Builders. This one has "hardwoods, screened porch, deck, wrap around front porch, large master suite, formal spaces, fantastic great room". There are now 4 Eastons for sale in MSR along with 2 Scarboroughs. Sellers are asking $369,900.
1001 Miller's Landing is a first floor 3 bedroom Willow Oak model that has only been on the market about 17 days now. It was originally listed for $219,900 and has already been reducedto $209,900. I have shown this unit and it is a little on the rough side but well worth the asking price. Previous Willow Oaks have been selling in the mid to high $220s.
121 Laurel Street listed and went pending on the same day this past week, June 5th. It was listed (and will probably sell) for $1,250,000. It is a 4 bedroom, 2.5 bath "coastal" two story built on an over sized lot of 7,382 square feet less than two blocks to the beach. It is advertised to have "an additional building in the rear".
20 Lake Avenue finally closed this past week (June 9th) after 179 days on market this time (It has been listed and withdrawn for 2 or 3 years now). It is a bed and breakfast and has been taken off the market each summer to allow the business to run. It has 12 bedrooms and 12 baths and is just 3 blocks from the beach and a short walk to Rehoboth Avenue. It was built in 1995 on a 7,500 square foot lot. The home advertises 6,800 dwelling square feet, it's not for everyone. It was listed for $1,550,000 and settled for $1,450,000.
Several new opportunities in Canal Corkran's condo market. First, 25 Metz Way closed on June 5th for $645,000. It has been on and off the market for some time now and was most recently listed for $649,900. Patience paid off for this Seller as he ended up with 99% of his asking price this time. It is an end unit on the large pond in the back of the community. It comes complete with an elevator and was loaded with upgrades. It was also sold partially furnished and the furnishings were very nice.
On the 9th, 20 Will's Way came on the market for $525,000 and went pending the same day.
On the 8th, 5 Metz Way came on the market for the asking price of $635,000. It is also on the pond in the rear of the community and is upgraded with "granite counter tops, 2 master bedrooms, open and spacious family room/dining room/kitchen combo.....every bedroom has it's own bath".
In terms of Single Family Homes, 6 Wade's Court came on the market and Seller's are asking $1,250,000. It is a 4 bedroom, 4.5 bath two story built in 2006 and boasts 3,818 dwelling square feet. It also advertises an "open, airy floorplan featuring gourmet kitchen, four ensuite master bedrooms including first floor master, spacious & comfortable screen porch opening onto outdoor entertaining and relaxing space with pool".
Another 3 bedroom Twin Home (Duplex) has come on the market in MPC at PM. There are now two listed and one (short sale) under contract waiting to close. Seller is asking $299,500 for this newest addition. It looks to be nicely upgraded. The other one is listed for $295,000. The address for this one is 16265 John Rowland Trail.