The tide is rising for home sales in Delaware, up nearly 50{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16} in the second half of 2020, including a continuing wave in 2021 at the beaches where the most expensive home listed for sale is over $10 million.
“It has been so, so busy. It’s amazing,” said Sandi Bisgood, a Realtor with Ocean Atlantic Sotheby’s International Realty in Rehoboth Beach. “I have never started a year this strong in 22 years.”
Some people’s home buying decisions have been influenced by changes due to the coronavirus, said Bisgood, an at-large director for the Delaware Association of Realtors and past president of the Sussex County Association of Realtors.
“A lot of people have realized, ‘Hey, I can work anywhere. I’d at least like to be closer to the coast part of that time. They’re ready for a change. They want to get out the city, get out of congested areas,” she said.
If you’re ready to start shopping for your dream home – or you’re just dreaming – here are the 10 most expensive, most luxurious places for sale at the Delaware beaches as of Friday, Feb. 12.
10. Bethany Beach, 1 Dune Road, $3,900,000
Details: Ocean view, one lot from the beach, new construction, 6,000 square feet, 6 bedrooms all en suite, 6 full baths, 2 half-baths, gym/media room, additional living room, elevator, rooftop deck, 2-car garage with electric car chargers, hospital quality air filtration, lot size 0.21 acre, Keller Williams Realty.
9. Lewes, 35867 Tarpon Drive, $3,950,000
Details: New construction in Wolfe Pointe community, 12,360 square feet, 7 bedrooms, 7.5 baths, lot size 1.09 acre, Long & Foster Real Estate.
8. Frankford, 37428 Dirickson Creek Road, $3,990,000
Details: On Dirickson Creek, dock with access to the Indian River Bay, 10,000 square feet, 6 bedrooms, 7.5 baths, lot size 3.41 acres, Bethany Area Realty.
7. Rehoboth Beach, 3 Henlopen Ave., $3,995,000
Details: Ocean views one block away from the beach, 6,051 square feet, 6 full baths, 2 half-baths, pool, lot size 0.2 acre, Ocean Atlantic Sotheby’s International Realty.
6. Fenwick Island, 38895 Bunting Ave., $4,300,000
Details: Oceanfront, 5,714 square feet, 11 bedrooms, 9 baths, four large oceanfront decks, two westward looking decks, lot size 0.11 acre, Coldwell Banker Realty.
5. Dewey Beach, 1 Beach Ave., $4,399,000
Details: Oceanfront at private North Indian Beach on the southern side of Dewey Beach, 3,500 square feet, 6 bedrooms, 6 baths, lot size 0.17 acre, Jack Lingo Realtor, The Carrie Lingo Team, Southern Delaware Properties.
4. Rehoboth Beach, 319 S. Boardwalk #2, $4,400,000
Details: Oceanfront condominium encompassing the entire second floor, 4,615 square feet, 4 bedrooms, 5 baths, RE/MAX Realty Group Rehoboth.
3. Bethany Beach, 31661 N. Ocean Way, $5,475,000
Details: Oceanfront, 5,000 square feet, 6 bedrooms, 7 baths, lot size 0.19 acre, Long & Foster Real Estate.
2. Bethany Beach, 30073 Surfside Drive, $5,590,000
Details: Oceanfront, 7,000 square feet, 8 bedrooms, 8 baths, lot size 0.39 acre, BHHS Fox & Roach, Newtown Square, Pennsylvania.
1. Rehoboth Beach, 1 and 3 Cullen St., $10,999,900
Details: Oceanfront, 9,957 square feet, 12 bedrooms, 11 baths, lot size 0.79 acre, Ocean Atlantic Sotheby’s International Realty. NOTE: On Thursday, Feb. 11, the status of this listing changed to “active under contract,” but it was still being advertised for sale.
Supply and demand
Demand for homes is particularly high at Delaware beaches, said Sharon Blair, director of marketing and communications at the Delaware Association of Realtors.
Sales in Rehoboth Beach were up 45.95{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16} in 2020 compared to 2019, and in Bethany Beach sales rose by 33.8{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16} in 2020, Blair
That’s higher than the overall Sussex County increase of 24.42{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16} in 2020, the Kent County sales, up 14.33{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16} or New Castle County, up 3.38{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16}.
Bisgood said, “While demand is super strong, inventory is really down.”
Inventory of homes for sale in 2020 compared to 2019 dropped by 24{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16} in the first quarter, by 36{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16} in the second quarter, by 57{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16} in the third and by 61{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16} in the fourth quarter.
Meanwhile, Blair said the median sales price in Sussex County was up 12.07{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16} to $325,000 in 2020 compared to $290,000 in 2019, while in Kent the increase was 8.44{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16} and in New Castle, 8.38{28ab41d673507bfe0daf970418d2e81f9476b3e139564442359ad7402c370b16}.
Although prices are rising, Bisgood said the continued low interest rates are a plus for buyers.
“People are finding they can afford more house because payments are lower with the lower interest rates,” Bisgood said.
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