125 St. Lawrence Street has come on the market. Sellers are asking $1,275,000for this 3 bedroom, 2 bath two story Cottage sitting on a 50 x 100 foot lot on the second ocean block in SR. It is advertised to have a view of Silver Lake.
68 King's Creek Circle reduced price for the second time since listing in April of 2013. Starting off at $569,900 Sellers reduced to $559,900 in June of 2013 and have now reduced to $549,900. DOM are at 524.
107 King's Creek Circle closedyesterday after a cumulative 670 days on the market. It originally listed in late September of 2012 for $725,000, had been reduced a couple of times to $650,000 and sold for $615,000. It is a 5 bedroom, 4 bath two story contemporary built in 1996 and boasted 3,800 dwelling square feet. It has an "open great room with gas fireplace, 2 master suites (1st floor master), sunroom overlooks the golf course, office, large deck, oversized garage, and irrigation with well".
22 Lake Avenue has come on the market in North Rehoboth, Sellers are asking $1,695,000. It is a 5 bedroom, 8 bath two story built on a double lot (100 x 100 feet) three blocks from the beach. Listing Agent describes it as "beach city hide-a-way with a private pool and parking for 10+....if you've dreamed of having your own compound in the city, this is it!! Or rework it and sell the cottage lot, keep the main house & pool for you".
17 Brooklyn Avenue reduced priceyesterday for the second time since listing in October of 2013 for $1,775,000. Sellers reduced price in January of this year to $1,725,000 and have now reduced to $1,625,000.
There is also a new Seller in SR at 118 Stockley Street. This is a 3 bedroom, 2 bath two story cottage on the 2nd ocean block. It is described as being a "former garage expanded into a 3 bedroom home....expand and update to meet today's desires". It has been listed for $1,100,000.
16376 John Rowland Trail went under contractTuesday after 97 days on the market. It had been reduced in price once during that time from $369,900 to $364,900. There were no sales in MSR in 2013 and this would be the first sale in 2014. There are four other homes for sale.
16624 Howard Millman Lane went under contract yesterday after 154 days on the market. The price had been reduced twice, starting at $299,900 and then reduced to $289,900 and finally going under contract at $284,900. Hopefully it will close close to that price. It is a 4 bedroom "Twin Home" toward the rear of the Mill Pond Commons section of the community. There are now three "Twin Homes" under contract waiting to close and two more active.
16667 Howard Millman Lane has reduced price for only the second time since listing back in February of 2013 (508 days ago). Sellers have reduced the price from $339,000 down to $325,000. This home is a Carrolton model, the mid sized Beazer built SFH. It sits on a corner lot in the very rear section of MPC.
136 Columbia Avenue closedon August 29th for $849,000. It had been on the market for 543 days when it went under contract at $929,900. It is a 3 bedroom, 3 bath ranch cottage built on a 60 x 100 foot lot about 3 blocks from the beach. It has a "family room addition, hardwood floors, basement...open woods view.....rare 60 x 100 foot lot where the surrounding city owned parkland spans out nearly 400 feet".
Yes, fall is upon us. Hopefully this fall selling season will be a good one. It was for 12 Prospect Street which went under contractover the weekend. It has been on the market for only 108 days and was listed at $2,699,000. It joins 5 other SFHs in South Rehoboth that are under contract waiting to close. 15 more are listed as active.
At the same time, 226 Munson reduced price from $885,000 down to $850,000 after 40 days on the market.
An Easton model 4 bedroom at 16376 John Rowland Trail (similar to the one shown here) has reduced pricefor the first time since listing on June 7th (90 DOM). It has reduced from $369,900 down to $364,900.
A Berkeley model very similar to the one shown here at 16585 John Rowland Trail closed Wednesday after languishing on the market for a cumulative couple of years, most recently 367 days. The Seller tried many different price points with several different Realtors, finally going under contract at $389,900 and settling for $371,000. This is the 4 bedroom two story, the largest floor plan built by Beazer Homes. The last one to sell went for $400K.
51 Lake Avenue has come on the market, Sellers are asking $975,000. This 4 bedroom, 2 bath two story cottage sits on a 50 x 109 foot lot just 4 blocks to the beach and steps to downtown. The Listing Agent describes it as "authentic Rehoboth cottage with many upgrades including 1st floor master, fencing, and heat pump".
August was another stinker, making it the 4th stinker of the year so far when it comes to Single Family Home closings. By stinker I mean that the number of closings came in short of the corresponding month in 2013. There were 250 recorded closings in August, only 91% of the 274 in August of 2013. August joins March, May and July and brings the YTD closing number to 99% of the same period in 2013. This is the first time the YTD number has fallen behind. The average selling price fell for the 3rd strait month to $331,776 bringing the YTD average down to $350,158. Remember, this is not necessarily due to falling home values but due more to the home sale mix. In other words, more lower priced homes closed than higher priced homes. The good news for Buyers is that Builder incentives are cropping up again and even some slight price declines in further out communities. The bad news for Sellers is that they continue to battle Builders as the re-sale inventory is excessive. It did drop slightly this past month by about 4 tenths of a percent but remains 24% higher than end of year 2013. The average end of month inventory is up 3.7% from last year. The good news is that SFHs under contract at the end of August rose to 589 from 556 at the end of July. This bodes well for Sept./Oct. closings. Sellers hung in there getting 95% of their asking price at the time of contract which is slightly higher than the YTD average of 94.5. At the current trailing 6 month closing rate, we still have a 12.5 month supply of reported inventory. Remember too, that many of the builders don't reflect their available inventory on the MLS. Many don't report their sales either. Interest rate for a conventional 30 year fixed mortgage is around 4.2%, still very low from a historical perspective.
The news on Condo/Townhouse sales is even worse. August 2014 closed only 77% of August 2013 with 78 reported closings (vs. 101 in August 2013) bringing the YTD to 96.7% of last year at this same time. Inventory did come down by 1.7% from July but remains 15.3% ahead of year end 2013. C/Ts under contract at the end of the month remained steady at 149, the same as July month end. Sellers got 96.2% of their asking price and the average selling price in August was $296,282, up from July's $262,355 but just below the YTD average of $299,742. The absorption rate on C/Ts is now at 9.6 months.
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.
63 King's Creek Circle reduced price for the first time since listing on August 15th, from $912,900 down to $899,900.
At the same time, 16 Patriot's Way withdrew from the market after 154 days on the market. It was listed in April for $899,500 and had been reduced in July to $879,500. This leaves 13 homes actively listed for sale with 6 closed so far this year. There are two pending closures.
16232 John Rowland Trail reducedfor the second or third time yesterday to $342,900. It has been on the market for 474 days now. It originally listed for $449,900 back in May of 2013. It is a Carrolton model, the mid sized Beazer built single family home. It sits on a corner lot across from the tennis courts.
16380 John Rowland Trail has reduced price again, this time down to $317,000!!! This Easton model (two story, 4 bedroom) listed 252 days ago for $337,000. Most of these Eastons sold for north of $400K back in the day and the pond lots carried a $15K premium.
A 3 bedroom (2nd floor) condo has come on the market in Miller's Landing (1103). It is a Nellie Stevens model which is the largest floor plan built in Miller's and comes with a two car garage. There are now two, 3 bedroom units listed for sale in this community, one a first floor unit and this one. this one is listed for $227,500.
107 Columbia Avenue closedon the 22nd for the original asking price of $1,350,000 after being on the market only 21 days. It is a 5 bedroom, 4.5 bath two story boasting 3,100 dwelling square feet. It was sold furnished. Further description includes "stunning 2 story just 4 blocks from the beach...home has been completely renovated from outside to inside and shows like a model home....tons of living space including second floor large furnished deck and upstairs kitchenette".
225 Stockley came on the market today, Sellers are asking $925,000. It is a 4 bedroom, 1.5 bath two story built in 1900 on a 50 x 100 foot lot on the 3rd beach block. There is very little detail on the MLS fact sheet leading me to believe it is probably being sold for what is believed to be "lot value". It is being sold furnished but is described as "rustic".
Somehow this one got by me, 45 E. Eleanor Lee Lane was withdrawn from the market back in November of 2013 after listing in April of the same year for $1,255,000. It then came back on the market in April of 2014 for $1,079,000 where it remained for another 99 days before going under contract on August 2nd of this year. It closedthis past Tuesday for $989,000. It is a 5 bedroom, 4.5 bath two story colonial...."elegant Garrison built home situated on one of Canal Corkran's most sought after streets.....impressively maintained with dramatic soaring/coffered ceilings, wide plank hardwood floors and 3 fireplaces".
16585 John Rowland Trail went under contract again, this time the listing price was $389,900. It has been on the market several times but has been listed for 367 days this go-around. It is the largest model built by Beazer in Paynter's Mill, a Berkley. It sits directly across from the open field behind the tennis courts in mid community. Hopefully this contract will hold.
605 Miller's Landing is a Bonica Rose model unit (large 2 bedroom, 1st floor) that has been on the market a cumulative 740 days. It originally listed back in May of 2012 for $199,900 but had been reduced numerous times and was at $175,900 at the time of contract signing.
20 King's Creek Circle went under contractFriday after 154 days on the market. It had been reduced twice since listing back in March for $475,000 and was at $459,000 at the time of contract signing. This picture here is not the house, it is the community pool house.
2 South Fieldway came on the marketyesterday. Sellers are asking $1,595,000 for this 5 bedroom, 6.5 bath three story colonial built in 2001 on this half acre lot. It has a massive 8,900 dwelling square feet of space with a "full basketball court...full sized basement....third floor full suite....too many features to mention. Sounds like a beauty, hope it comes with a house keeper.
There are now 15 active listings in KCCC with an average listing price of $826,693 and 886 DOM. 6 have closed so far this year with 1 under contract waiting to close.
20 Will's Way closed yesterday for $502,500. It listed and went under contract the same day at $525,000. It is a 4 bedroom, 3.5 bath unit built in 2003 and was sold furnished. The unit was advertised at 2,400 dwelling square feet.
At the same time, 6 Wade's Court went under contractafter 77 days on the market. This is a SFH listed for $1,250,000.
200 Laurel Street closedyesterday at a 2.6% discount to the listing price of $950,000 or $925,000 making the 9th SFH to close in South Rehoboth so far this year. This "tear down"home sits on a 49 x 162 foot lot just 2 blocks from the beach and a few to down town. This lot would accommodate a home of 4,700 square feet if the current home were torn down.
This bank owned property at 1 Wade's Court has reduced for the 3rd or 4th time now. The Bank has lowered now to $999,000, down from the original listing price of $1,250,000 from back in June of 2013. I have shown that property and it is indeed a "different" floor plan than any other I have seen. It has been sitting vacant for a long time, hope someone picks it up soon.
41 Brooklyn Avenue came on the market yesterday. Sellers are asking $1,199,000 for this 2nd ocean block home built on an over sized lot just a couple of blocks from downtown. Listing Agent says "great opportunity 2nd ocean block.....use as is or renovate for the perfect beach retreat. Main house 2 BR, 1.5 bath has no heat. Guest cottage is a 2 BR, .5 bath...old school original beach cottage living".
211 Rodney Street came on the market yesterday, Seller's are asking $1,389,000for this 4 bedroom, 3 bath two story cottage. Listing Agent says it has been "smartly updated...1940s cottage.....with modern amenities including Sub Zero, Wolfe, 2 zone HVAC, steam shower....garage apartment with 3BRs up and 2 BAs up..den with full bath down, 1 bedroom garage apartment, pool and pool house...never rented other than the apartment".
108 King's Creek Circle (one of ten active listings on the circle) has reduced pricefor the third time since listing in March of 2012. This time it has been reduced to $829,900. It had been withdrawn from the market in February of this year and reinstated in late May.
25 Baltimore Avenue came on the market yesterday, Sellers are asking $2,375,000 for this 7 bedroom, 4.5 bath three story coastal style home located on the ocean block of Baltimore Avenue. Agent says it has a "3 bedroom apartment and a sop with solid tenant....3 rental licenses...exceptional rentals...a solid investment opportunity". It advertises $100,000 in annual gross rents. It is being sold furnished. The Wooden Indian is one of the tenants.
107 Columbia Avenue just hit the MLS also but someone knew it was for sale as it was listed new andunder contract the same day. It's a "two story just 4 blocks from the beach....totally renovated from outside in and shows like a model home.....tons of living space including second floor large furnished deck and upstairs kitchenette". It was also offered furnished for $1,350,000. We now have five SFHs under contract waiting to close in NR and 21 more active.
64 King's Creek Circle reduced price yesterday for the first time since listing back in September of 2013 (348 days ago). Sellers have reduced from $987,500 down to $979,000.
At the same time, 9 King's Creek Circle has come on the marketfor $660,000 bringing the active inventory up to 14 homes now. This one is a 4 bedroom, 2.5 bath two story contemporary built in 1994 on a corner lot. Agent says it features "a two story great room complete with hardwood floors, fireplace and french doors leading to the backyard deck...wonderful kitchen, multiple dining areas, first floor master, den/office and additional finished space above the garage".
63 King's Creek Circle has come on the market for the asking price of $912,900. It is a 5 bedroom, 3.5 bath two story contemporary built in 2004 on a .66 acre parcel. Agent says it has "many built-ins, 12 ft. ceilings, stone fireplace in great room, fireplace in dining room, radiant heat, subzero frig, Dacor appliances, cherry floors, master bedroom suite with jetted tub, 2x6 ext construction and much more".
200 Laurel Street has gone under contractafter 72 days on the market. Originally listing for $1,200,000, this property was reduced twice and Sellers were asking $950,000 at the time of contract signing. There are now 5 SFHs under contract waiting to close in South Rehoboth. 13 more remain active.
24 Sussex Street has just been listedand Sellers are asking $1,300,000. It is a 5 bedroom, 3 bath two story built in 1940 on a 50 x 84 foot lot. It is being sold furnished. It is a 2 unit property located three blocks from the beach. Agent says it has a "beautiful landscaped yard and private brick patio.....".
Two Twin Homes(Beazer built duplexes) have reduced price, one a 4 bedroom that has reduced to $284,900 and a 3 bedroom, now offered for $285,000. 16624 Howard Millman is the 4 bedroom home and 16266 John Rowland Trail is the 3 bedroom. Both homes have essentially the same square footage, the 3 bedroom has a large upstairs loft instead of the 4th bedroom. Both are lovely homes and offer a tremendous value for 2,800 square feet of living space.
16431 John Rowland Trail reduced price yesterday for the first time since listing on April 13th of this year. The original price was $294,900 and has now been reduced to $289,900. It is a Scarborough model (3 bedroom, 2 bath ranch) built by Select Homes out of Ocean View. There have been no closings in this section of Paynter's Mill since November of 2012. There are currently 5 homes listed for sale in MSR.
308 State Road reduced pricefrom their original asking price of $695,000 down to $675,000. It has been on the market for 275 days now. There are currently 5 active SFH listings in CCE with an average asking price of $746,380 and an average of 194 days on market. There have been 3 SFH closings so far this year with an average selling price of $597,667 and 109 DOM.
24 Eleanor Lee Lane reduced price a couple of days ago and Sellers are now asking $789,000. That is the least expensive offering of the 9 active listings. This home has been on the market for 348 days now.
Wow!! A Realtor's dream....7 Park Avenue went under contract yesterday after only 21 days on the market. It is listed for $3,150,000. That makes 4 SFH properties under contract waiting to close in NR. 18 have closed so far this year with 20 listed as active.
20 King's Creek Circle has reduced for the third time, this time down to $459,000 making it the most affordable of the 12 currently active listing in King's Creek Country Club which average $771K and 877 days on market. It has been on the market for 146 days now and started at $475,000.
200 Laurel Street reduced pricethis week from $1,100,000 down to $950K. This house is basically a tear down but sits on a 7,500+ square foot lot just a couple of blocks from the beach and down town. There are a lot of options available for a re-build on this lot.
106 King's Creek Circle has come on the market joining 11 other active SFHs in KCCC. Sellers are asking $849,500 for this 4 bedroom, 3.5 bath ranch model on a half acre golf course lot. Listing agent advertises 2,975 dwelling square feet. Other comments include "beautiful contemporary on golf course, landscaped for privacy...truly inspiring open floor plan...soaring ceilings, hardwood, granite, plantation shutters throughout, master w/his/her baths, chef's kitchen, paver drive and 1100 square feet of outdoor living".
20 Delaware Avenue joins the other 13 SFHs currently listed in South Rehoboth. It's a 5 bedroom with 7 full baths and 2 half baths built in 1910. What's interesting as the Listing Agent has listed the style as "contemporary". :-) It is built on a 50 x 100 foot lot and is being sold partially furnished. He goes on to say "ocean block house with attached cottage......currently licensed B&B and would also make a great rental or beach home....parking for 7 cars". Sellers are asking $1,500,000.
Also, 507 King Charles has gone under contract after only 16 days on the market. It is listed for $1,275,000.
103 Henlopen Avenuemakes the 18th SFH to close in North Rehoboth this year. It was on the market for 84 days when it went under contract at $1,375,000. It is a 4 bedroom, 3.5 bath two story cape cod built in 1998 on a larger than standard 64x94x68x91 foot lot in the Pines. Listing Agent says it is "beautiful, spacious cedar shake.....open floor plan, vaulted ceiling, renovated kitchen, bright and airy, downstairs master used for office/den, upstairs master and two guest bedrooms....lush landscaped yard, screened porch and deck". It sold partially furnished for $1,310,000.
At the same time, right across the street 104 Henlopen Avenue came on the market for $1,250,000. This one is a 4 bedroom, 3 bath two story built on a standard 50 x 100 foot lot about 3 blocks from the beach. Agent says it "features gorgeous lush landscaping and privacy, sun room, 2 first floor bedrooms, outdoor shower, irrigation system, backyard patio for entertaining, fireplace, sound system and much more". It is being sold furnished.