Listings, contracts, settlements, and sale prices all increased in the local housing market throughout May, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
May 2017 saw a 16.3 percent overall increase in single family home and condominium contracts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 83.3 percent in Somerset, by 29.8 percent in Wicomico, and by 4.7 percent in Worcester. Condominium contracts increased by 14.3 percent in Wicomico and by 5.2 percent in Worcester. There were no condominium contracts recorded in Somerset.
Settlements were up in the overall Tri-County area by 16 percent. Individually, single family home settlements were up by 11.1 in Wicomico and were down by 3.7 percent in Worcester and by 31.2 percent in Somerset. Condominium settlements were by up 200 percent in Somerset, by 71.4 percent in Wicomico, and by 33.6 percent in Worcester.
Listings were up overall by 4.2 percent. Individually, single family home listings were up by 33.3 percent in Somerset, by 8.3 percent in Wicomico, and by 10.7 percent in Worcester. Condominium listings were up by 53.8 percent in Wicomico and were down by 14.1 percent in Worcester. Condominium listings in Somerset remained the same.
Days on market was down overall by 18 percent. Listing prices were up by 17.5 percent and sale prices were up by 17 percent.
“It’s a great time to be in the real estate business on Maryland’s Lower Eastern Shore,” said CAR President Don Bailey. “Contracts and settlements are both up and we’re seeing increased inventory with increased prices. Also, days on market was down, which means people are heading to the settlement table much faster than they were this time last year.”
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.