A continued decrease in inventory on the Lower Shore is impacting home settlements, according to the latest figures from the Coastal Association of REALTORS® (CAR).
July 2016 showed an overall 16 percent decrease in inventory in Somerset, Wicomico, and Worcester counties, compared to the same time last year.
Contracts, or pending sales, were up overall in the Tri-County area by 10.1 percent, compared to the same time last year. Individually, contracts for single family homes increased by 50.9 percent in Worcester County and by 6.3 percent in Somerset County. Wicomico County single family homes saw a five percent decrease in contracts.
Settlements were exactly the same as they were last year, with a total of 268 settlements in Somerset, Wicomico, and Worcester counties.
Average days on market increased by 5.4 percent, listing prices decreased by 0.05 percent and sales prices increased by 0.6 percent.
“We had a surge in settlement activity in the spring, and the market has slowed a bit due to continued inventory shortages,” said CAR President Linda Moran. “Not only is the limited inventory impacting the number of settlements, but it is also slightly increasing sale prices. Now would be a great time to put your home on the market because there is a definite need for inventory to keep up with demand.”
The Maryland Association of REALTORS® (MAR) reported similar trends across the state last month, as did the National Association of REALTORS® (NAR) across the country.
“Unfortunately for prospective buyers trying to take advantage of exceptionally low mortgage rates, housing inventory at the end of last month was down almost six percent from a year ago, and home prices are showing little evidence of slowing to a healthier pace that more closely mirrors wage and income growth,” said NAR Chief Economist Lawrence Yun. “Until inventory conditions markedly improve, far too many prospective buyers are likely to run into situations of either being priced out of the market or outbid on the very few properties available for sale.”
CAR’s monthly local housing statistics are pulled from the association’s Multiple Listing Service, which represents the activity of over 1,000 local REALTORS® in Somerset, Wicomico and Worcester counties.
Visit www.coastalrealtors.org for more information.
More about Coastal Association of REALTORS®
Coastal Association of REALTORS® is the leading local advocacy group in the real estate industry on the Lower Eastern Shore of Maryland. Coastal REALTORS® works in partnership with its members to promote home ownership and preserve, protect, and advocate private property rights. The organization supports 1,000 REALTORS® who serve Somerset, Wicomico, and Worcester counties.
For more information on Coastal REALTORS®, visit www.coastalrealtors.org. The term REALTOR® is a registered collective membership mark unique to real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.
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