Rehoboth Beach Real Estate News

I was curious to see what Rehoboth Beach New Construction Homes were actually selling for in relationship to the listing price. It was no big surprise that many of them actually sell for more than what they were list at.

New Delaware Home Sales Price

Why are new construction homes selling for more than the list price? Builders lure you in on a base price model and then charge you more for upgrades.

According to the Sussex County MLS these are the only new construction single family homes to sell this year (Jan 1 2010 – August 24 2010) in Rehoboth Beach Delaware.

Past events can be a good indicator of what the future may have in store.

Our MLS is slightly flawed and please take these numbers with a grain of salt. According to the Sussex County MLS only 12 Short Sales have made it to settlement this year in all of Sussex County. (Jan 1 – Aug 7 2010)

The Sussex County MLS is  showing 130 current Active/Available Short Sales.

What do we see when we compare Short Sale List Price to Short Sale Sales Price?
We find that the banks are more stingy than private home sellers.

The average private party seller is selling for about 9% below asking price, the banks on average are only taking a little more than 2% off the asking price. Add to that the fact that nearly half of the short sales were at 100% of the asking price and you will see there is significantly more bargaining room when dealing with a private seller.

Sussex County Delaware SOLD Short Sales Jan 1 2010 - Aug 7 2010

Here’s a quick update on this years “In-Town” Rehoboth Beach Condo Sales.

From January 1 – August 7 2010 there have been a total of 20 In Town “Walk to the Beach” condos sold.

Lowest sale price $225,000  1BR/1BA in The Ark six blocks to the beach.
Highest sale price $900,000 2BR/2BA 527 North Boardwalk in the Henlopen Hotel with Ocean views.

Average List price = $582,636  Average Sales Price $533,497

Average List to Sell Percentage 91.57%

The lowest list to sell percentage was 78.27%  Which means a buyer got more than 20% off the list price.
The highest was 100% which means the seller did not back down on their list price.

Please do not come to Rehoboth Beach expecting 50% off on your condo purchase because the market is atrocious in Florida. Your average buyer here is getting just over 8% off list price on their condo purchase.

Rehoboth Beach In Town Condo Sales 2010

Data for this chart was pulled from the Sussex County MLS.

This analysis does not include anything but SOLD condos placed in the “IN TOWN” Rehoboth Beach category by Sussex County REALTORS. The number of TOTAL condos sold in Rehoboth Beach Delaware is significantly higher.