Gail n Greg - Your Agents @ The Beach

November Home Sales Encouraging

 

National Assoc. of Realtor's Yun discusses encouraging home sales news.

FORECLOSURE UNDER CONTRACT IN KING'S CREEK

The Bank Owned property at 3 Ellender Court  went under contract yesterday after only 27 days on the market.  It was listed at the original price of $559,000 at contract signing.  There are now two properties under contract waiting to close and six active listings.

FIRST TWO SALES OF 2012 IN NORTH REHOBOTH BEACH

Looks like that momentum we saw in Q4 of 2011 is continuing into the new year.  Not one but two SFH properties went under contract in NR.  One is a "short sale" that actually went under contract in December but is just now being reported.  It is 153 Columbia Avenue which listed back in October for $860,000 and had been reduced to $743,000 at the time of contract.       9 Olive Avenue also went under contract after 340 days on the market.  It was listed for $1,495,000 but had been reduced back in August to $1,395,000 where it remained until contract signing.  There are now 5 SFHs under contract waiting to close.  I have a feeling this is going to be a good year in North Rehoboth.

FIRST SALE OF 2012 IN COUNTRY CLUB ESTATES

327 Munson Street went under contract (continue to show status) on the 9th.  It has been on the market only 101 days and remained listed at the original price of $739,000.

PRICE CHANGE IN SOUTH REHOBOTH

218 Laurel Street reduced price this week from $925,000 to $899,000, a 3% drop.  They had originally listed back in December of 2010 for $980,000.

2011 - END OF YEAR REPORT - NORTH REHOBOTH BEACH

Like so  many other communities in and around the beach areas, North Rehoboth saw a resurgence of activity in Q4 of 2011.  Higher end properties started to move hinting that investors are coming back into the market to pick up some bargains.  Lot sales have been brisk as prices have come down so much that it makes sense to buy lots and custom build.  Anecdotal evidence indicates that many custom home builders are booked out through 2013.  That's good news.  I believe if you're a Buyer still waiting for the bottom, you may have missed it.  Having said that, North Rehoboth had 15 Single Family Home closings in 2011.  This does not include North Shores or Henlopen Acres.  Of those 15, 6 of them settled in Q4 and 3 others went under contract.  The average selling price of a SFH in NR was only $919,767 which seems incredible to me as 4 or 5 years back you couldn't find anything in town for under $1MM.  Sellers had properties on the market for an average of 330 days in order to get sales and they got an average of 71% of their original asking price.  The highest priced sale came at the very end, 5 E. Third Street sold for $1,350,000.  The lowest priced sale was 141 Henlopen Avenue at $650K.  There were a total of 5 homes that sold in the $600K range.  I show that two of the properties sold in 2011 were "distressed" one being the aforementioned 141 Henlopen Avenue which was a "short sale" and then there was the Sea Witch Bed & Breakfast that went into foreclosure before selling in November for 49% of it's original asking price.  As I mentioned, 3 homes remained under contract waiting to close at the end of December.  5 others withdrew from the market in Q4 and 6 more came on the market leaving a total of 38 active listings on December 31st.  The average listing price at that time was $2,619,000 and 439 days on market.  The momentum is definitely moving in the right direction.  Buyers, better hurry.

2011 - END OF YEAR REPORT - SOUTH REHOBOTH BEACH

A very stormy year for Rehoboth real estate.  Like many other areas, South Rehoboth had a strong finish to the year with over half of the SFH closings taking place in the fourth quarter of 2011.  There were a total of 15 SFH closings in South Rehoboth with an average selling price of $1,269,900 and 380 days on market.  Sellers got an average of 81% of their original asking price.  The lowest price closing was $800,000 even (there were two) and the highest price was $3,700,000 for a home on a double lot beach side.  The highest days on market was 980 and the lowest was 8.  There are three more SFH properties under contract waiting to close as I write this.  There are also 20 active listings on the market averaging $2,139,000 as an asking price.  Average DOM for active listings is 519.  Four withdrew in Q4 of 2011.  The highest priced listing is 2 St. Lawrence Street for $6,750,000 and the lowest is 218 Stockley and 211 Munson, both at $899,000.  13 St. Lawrence has been on the market for 1,342 days. 

2011 - END OF YEAR REPORT - CANAL CORKRAN

Single Family Homes - Unfortunately, 2011 was the year of "distressed sale" in Canal Corkran.  Of the six homes to close, four were distressed properties (three "short sales" and one foreclosure.  31 Thompson Court went for 54% of it's original asking price or $695,000 after 670 days on the market.  28 Fillingame followed with 63% of original asking or $770,000 after 990 DOM.  Two "conventional" sales followed at 30 Fillingame Way which closed for 93% of original asking price or $1,115,000 and only 175 DOM.  29 Thompson Court then closed for 71% at $820,000 after 363 DOM.  The final two closings were both "short sales", one was 16 Wade's Court which went for 60% or $625,000 after 862 DOM and 5 Wade's Court which went for 76% or $685,000 after 278 DOM.  That figures out to be an average selling price of $805,000 and 612 DOM for the community.  Sellers got an average of 70% of their original asking price.  There are four homes listed as active right now ranging in price from a low of $689,000 to a high of $1,799,000, the latter being a "short sale" as of June, 2011.  Current inventory has been on the market an average of 356 days.

Townhouses - Three townhomes closed  in 2011, #32 Hannah Loop for $460,000, 9 Thompson Court for $635,000 and 12 Will's Way for $459,900.  They were on the market for 450, 67 and 550 days respectively.  There is another unit on Hannah's Loop under contract waiting to close.  There are also four units listed as active ranging in price from $459,900 to $599,900.  They average 416 DOM.

2011 - END OF YEAR REPORT - COUNTRY CLUB ESTATES

Half of the six SFH sales in Country Club Estates  happened in the fourth quarter.  Laurel Street seemed to be the big winner with four of the six sales.  314 went for $985,000 after 1449 DOM, 322 went for $560,000  after 114 DOM, 333 went for $600,000 after only 65 DOM, and 327 went for $550,00  after 430 DOM.  In addition to that, 310 Munson went for $825,000  after 107 DOM and 304 Country Club Drive went for $675,000 after 279 DOM.  That's an average selling price of $699,167 and an average DOM of 407.  Sellers got an average of 84% of their original asking price.  There are no homes currently under contract and there are four active listings from $550,000 to $739,000.  (I did see today where 327 Munson Street went under contract - the one for $739,000 - how about that James) so this will bring it down to three active.  A couple were withdrawn in Q4.  The average days on market for the active listings is 280.  Country Club Estates continues to be one of the best performing communities within the Rehoboth area.  There is also one Townhouse listed for sale for $449,000.  No townhouses sold in 2011, there has been only the one on the market.  Two sold in 2010 for $415,000. I hope the Q4 momentum continues into 2012. For comparison purposes, in 2007 there were 9 SFH closings with an average selling price of $719,889 and 234 DOM.  In 2008 there were only 4 SFH closings with an average selling price of $726,875 and 243 DOM, in 2009 - 12 SFH closings at an average of $579,450 and 317 DOM, in 2010 there were 8 closings at an average selling price of $683,375 and 231 DOM.  Except for 2009, very consistent.

2011 - END OF YEAR REPORT - KING'S CREEK COUNTRY CLUB

After a very slow start, Kings Creek  finally started to move in the 4th quarter with four of the six closings during the year.  There were three closings on King's Creek Circle, 18, 29 and 134.  Properties went for $475,000 (215 DOM), $640,000 (473DOM) and $625,000 (1288 DOM) respectively.  4 Black Walnut Court sold for $515,000 after only 87 DOM, 27 Patriot's Way went for $408,000 after 759 DOM and 6 South Fieldway went for $890,000 after 1569 DOM.  That's an average price of $592,167 and 732 DOM.  Sellers got only 62% of their original asking price.  There is one property under contract waiting to close, 119 King's Creek Circle which was priced at $654,000 at time of contract after 631 DOM.  It had originally been listed for $929,000.  There are seven active listings with prices ranging from $550,000 to $950,000 and an average of 447 days on the market.  (I did see the "short sale" on Mitchelmore Court go under contract last week so this will bring the number down to six active).  This housing downturn has really slowed the movement in the price range found in this upscale community.  The peak is considered to have been 2007 when KCCC saw 10 closings with an average price of $1,139,000 and 351 DOM.  In 2008 there were six closings with an average price of $718,000 and 379 DOM, 2009 saw only three closings at an average price of $843,000 and 698 DOM and in 2010 there were six closings with an average price of $705,000 and 297 DOM.