Unseasonably warm temperatures have increased foot traffic on the Lower Shore and boosted contract activity, according to the latest figures from the Coastal Association of REALTORS® (CAR).
February 2017 saw a 46 percent increase in new single family home and condominium contract starts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, Somerset single family home contracts increased by 53.8 percent, Worcester by 30.2 percent, and Wicomico by 26 percent. Somerset condominium contracts remained the same, but increased by 75.3 percent in Worcester and by 42.9 percent in Wicomico.
Settlements in all three counties were down overall by seven percent. Single family home settlements remained the same in Worcester and Wicomico counties and decreased by 7.1 percent in Somerset. Condominium settlements were down by 8.5 percent in Worcester, by 14.3 percent in Wicomico, and by 100 percent in Somerset.
Listings remain down in all three counties with the exception of a 3.2 percent bump in Worcester condominium listings and a 14.3 percent bump in Wicomico single family homes listings. Overall, listings were down by 3.6 percent.
Days on market were down overall by 16 percent. Listing prices were down by 10.8 percent and sales prices were down by 8.6 percent.
“When the weather gets warmer, people like to start going out to look at houses,” said CAR President Don Bailey. “If this mild winter continues, we expect that the next few months will be very busy.”
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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