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Somehow this one got by me, 45 E. Eleanor Lee Lane was withdrawn from the market back in November of 2013 after listing in April of the same year for $1,255,000.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.
All you hear when listening to real estate news nationally is that things have slowed down considerably due to lack of inventory, tough lending requirements, huge student debt and a uncertain economy. Well things have slowed here a bit too. Not for all of the above reasons, most notably inventory. We still have way too many homes on the market and that is what is holding down prices, especially outside the beach areas. July marked the third month this year that did not keep up with the corresponding month in 2013 in terms of closings (4th month for condo/towns). To be clear, July 2013 was the second busiest month of the last year with 269 SFH closings reported to the MLS and this year came in at 251 or 93% of last July. That brings the YTD number to 100.6% of the corresponding time frame a year ago, still slightly ahead of last YTD. The big money appeared to step back a bit as the average price of a closed property in July of this year was $336,797, the 3rd lowest of the year just ahead of January and February. That brought the YTD average selling price down to $353,450, still 3.2% ahead of the full year 2013 average of $342,558. The troubling statistic as I mentioned above is the 2.1% increase in inventory from the end of June to the end of July. Inventory is now 24.5% ahead of where it started the year with 2,795 SFHs listed for sale. On a positive note, SFHs under contract at the end of July crept up to 556, the second highest of the year and considerably higher than the YTD average of 506. It is however down 6.5% from the average "end of month under contract" for the full year 2013 which was 541. Sellers got 95% of their asking price at the time of contract, slightly ahead of the YTD average of 94.4%. Looking ahead, August of 2013 was the busiest closing month of 2013 with 274 reported closings so hopefully things will pick up again this month. Based on our trailing 6 month selling rate we have 13.4 months of inventory, way above the national average. The good news for Sellers is that Builders continue to inch prices up and will eventually make re-sale pricing look more attractive so inventories will come back into balance. By the way, interest rates are still hovering around the 4.25 level for a 30 year fixed.
Condo/Townhouses- The story here is very much like SFHs in that July fell behind the corresponding month last year and YTD closings are 100.4% of the same period last year. There were several positive stats in July such as inventory came down from 844 to 832, properties under contract at the end of the month went up from 145 to 149 and Sellers got 96.5% of their asking price vs. the 96.3% YTD average. The average selling price did however drop to $262,355 and was well below the YTD average of $300,247. Inventory is better balanced than SFHs at 10.1 months worth of inventory based on the trailing 6 month selling rate.
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.
57 King's Creek Circle has come on the market for $895,000. It is a 4 bedroom, 3.5 bath two story built on a almost half acre golf course lot in King's Creek. Listing Agent advertises 3,392 dwelling square feet along with pond and golf course views. They also note "original owner.....with tile flooring, formal & casual living and eating areas, private master bedroom with deck access.....second floor with two additional master bedrooms and expansive unfinished space for future rooms.....serene yard with flowering plants overlooking fairway and massive deck". It comes with a security system and outside irrigation. It is an estate sale.
107 King's Creek Circle has gone under contract after 670 days on the market. It had been reduced at least twice since listing in September of 2012 at $725,000. It was at $650,000 at the time of contract signing.
36 King's Creek Circle closed yesterday for $725,000cash after only 13 days on the market. It was listed for $777,000 and closed for $725,000. It is a 5 bedroom, 4.5 bath two story built in 2000 on a .43 acre lot overlooking the golf course. It's advertised to have 3,500 dwelling square feet as well as an "open floor plan, with a 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". There have now been 6 closings this year in KCCC with an average selling price of $673,167 and 86 days on market.
226 Munson Street came on the market today for $885,000. It is a 2 bedroom, 1.5 bath ranch on a 50 x 100 foot lot on the SE corner of Munson and Scarborough. It has a "wood burning fireplace, charming jalousie windowed porch, updated with new HVAC, ready for extensive rehab or development". Basically being offered at lot value. It is being sold "partially furnished".
The second floor 3 bedroom unit at 603 Miller's Landing went under contract after a cumulative 724 days on the market. It had been reduced several times and was listed at $224,500at the time of contract signing. That leaves only one 3 bedroom unit available (first floor) along with 4 two bedroom units.
316 Country Club Drive closed on Friday after only 43 days on the market. It's a 3 bedroom, 2 bath ranch built on a larger than standard lot (49x114x50x123). It "offered eat-in kitchen, family room, large screened porch, outside shower". It was sold furnished for $693,000. It had been listed for $715,000.
62 Eleanor Lee Lane came on the marketthis past week. Sellers are asking $1,175,000for this 4 bedroom, 4.5 bath two story Coastal home built in 2004. It's advertised as having "covered porches with pond views.....cedar shake...elegant finishes include wide plank cherry, mahogany and marble flooring, cathedral ceilings, 3 owner's suites, lower level walk out in-law suite". It also has a 3 car garage.
A big money property just came on the market at 7 Park Avenue. Sellers are asking $3,150,000 for this 4 bedroom, 5.5 bath two story built in 1990 on a 50 x 100 ocean block lot with a view of the ocean. Listing Agent says it has been "tastefully renovated and decorated....pine floors throughout, gourmet kitchen with high end appliances and granite counters, front and rear porches....rec room, den, outside shower". It is being sold partially furnished and has a partially finished partial basement. That brings the average price of poker in North Rehoboth up to $1,823,000 and 366 DOM.
At the same time, 91 Columbia Avenue is reducing price for the first time from $1,080,000 down to $999,900. It has been on the market for 108 days.
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.