Gail n Greg - Your Agents @ The Beach

WASSUP IN CANAL CORKRAN???

SFHs - One price reduced - 5 Fillingame Way  is now listed at $845,000, down from the original price of $885,000.  It has been on the market since July 28, 2011.

27 Thompson Court  went under contract on November 1st after 347 days on the market.  Seller wants the property to continue to be shown while contingencies are removed.  It has been on the market for 347 days and originally listed for $759,900 but was at $699,000  at the time of contract signing (the lowest priced listing in the community). 

Townhouse traffic.....a new listing  came on the market on October 28th, 12 Nell's Loop for $509,000.  This is a 5 bedroom unit being sold partially furnished.  At the same time, 12 Will's Way (lucky #12) went under contract on October 27th after 550 days on the market.  It was priced at $489,000  at the time of contract signing.

THE LAST TWO WEEKS IN COUNTRY CLUB ESTATES

Two price reductions, 257 Country Club Drive reduced  for the first time from $599,000 down to $579,000.  It was listed on September 7, 2011.  325 Country Club Drive also reduced  for the first time since listing on Sept. 28, 2011 to $575,000, down from $595,000.

327 Laurel Street  closed  on November 4th for $550,000, down from the original listing price of $750,000.  It was listed for $599,900 when it went under contract.  This home had been on the market for 430 days.  304 Country Club Drive also closed, this one on November 7th for 80% of the original asking price or $675,000.  This property had been on the market for 279 days and was listed for $699,900 at the time of contract.  That's a total of 6 SFH closings in CCE so far this year.  There are none now under contract and 5 listed as active.

SALES GALORE IN SOUTH REHOBOTH BEACH

Three closed and one under contract these past couple of weeks.  601 Bayard Avenue  went under contract  on October 29th.  It had been on the market for 766 days.  It originally listed back in July of 2009 for $1,390,000 and was sitting at $1,100,000 at the time of contract signing.  It is one of two SFH properties now under contract waiting to close.

In the mean time, 8 Rodney Street closed for $1,450,000  or just 60% of the original asking price of $2,400,000.  It had been on the market a cumulative 501 days.  119 Laurel Street also closed  on the 31st. for $800,000 or just 57% of it's original asking price of $1,399,000.  It had been on the market for 980 days when it went under contract.  And finally, 221 Lake Avenue closed for an impressive $1,790,000, just 5% below the asking price of $1,890,000 and guess what?  It was only on the market for 43 days.  That's a total of 12 closings now in South Rehoboth this year.  There are 22 active listings still on the market.  Things are really heating up.

CATCHING UP ON NORTH REHOBOTH BEACH

Busy two weeks in North Rehoboth since my knee surgery.  Here is the run down:

Two price reductions, 93 Henlopen Avenue reduced to $1,195,000  down from the $1,388,000 reduction taken last August and down from the original listing price of $1,750,000 back in October of 2009.  29 Henlopen Avenue  took another reduction  down to $1,270,000.  This house listed back in September of 2010 for $1,555,000.  Starting to look like some good values here.

Four properties went under contract  in the last two weeks, 295 Cookman Street was listed at $725,000  at the time of contract signing.  This was down from $1,100,000 in January of this year. 125 Columbia Avenue  went under contract,  original listing price $1,300,000 back in July of 2009 and was at  $600,000  when the contract was signed (WOW!!).  5 Third Street  went under contract  at $100K below original listed price of $1,585,000 or $1,485,000.  It has only been on the market since August of this year.  And finally, 25 Columbia Avenue  just went under contract  at the original listing price of $1,995,000.  That's 10 closed so far this year and 6 more under contract waiting to close.  In town is really catching fire.

UPDATE ON KING'S CREEK COUNTRY CLUB

  Wow!! lots of activity since I've been laid up.  I'll start with King's Creek and just list the changes in the interest of time and of getting caught up.

Two price reductions....#4 Mitchelmore Court reduced again (the short sale) down this time to $500,000.  Unbelievable considering it came on the market back in July of 2009 for $1,175,000 (prior to going "short").  124 King's Creek Circle reduced also, this time down to $565,000.  The original listing price back on August 23, 2011 was $625,000.

119 King's Creek Circle went under contract (continue to show) on October 27th.  It has been on the market since February of 2010 when it listed for $929,000.  It was listed at $654,000  at the time of contract signing.  27 Patriot's Way closed  on November 3rd for $408,000  or 65% of the original asking price of $629,000.  That makes four total closings for the year so far, with three properties under contract waiting to close and seven active listings.  This is real progress.

SUSSEX COUNTY REAL ESTATE ACTIVITY FOR OCTOBER & YTD

Well that was a pain and a distraction (the knee surgery).  Sorry for the delay in getting back to business.  I was particularly excited to get October logged as it was a good real estate month in almost all respects, the first one in many months.  First of all, we finished October with 156 SFH closings (2.6% ahead of October 2010) and the third highest close month this year (July being the highest with 171 and April with 163).  The average selling price was also up in October to the third highest level of the year at $362,000, well above the YTD average of $347,000.  Sellers also received the highest percentage of sales price to listing price (listing price at time of contract) so far this year  at 93.3%.  The YTD average is 92.2%.  Inventory dropped by the end of October by almost 3% from the end of September and the lowest level since February.  There were 2,860 SFHs listed for sale at the end of October.  SFHs under contract were up to the highest level of the year at 388 at the end of the month.  So all systems were go by the end of October with the closings in October thrusting us to 102.6% of this same time last year.  Inventory is still running high at 6.8% above the end of December, 2010 but trending down from a high in May of 14.9% above year end 2010.  All signs point to a good close in Q4 of 2011.

Condo/Townhouse closings also increased in October, 2011 over same time last year (by 5%).  64 units were reported closed to the MLS with an average selling price of $301,219 and almost 95% of asking price.  Inventory continued to come down in October and now sits almost 5% less than at the end of 2010.  Units under contract remained steady at 120, one above last month and well above tha YTD average of 103.  It wasn't enough to get us ahead of last year as we now sit at 93.9% of last YTD sales.  Still a lot of work to do in regards to condos.

Recovering

Sorry, recovering from knee replacement surgery this past Monday.  Expect to be back in action in the next day or two.