The local real estate market is seeing increased pending contracts and home prices compared to last year, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
October 2017 saw a 29.7 percent jump 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 34.7 percent in Worcester County, by 20.2 percent in Wicomico, and by 26.7 percent in Somerset. Condominium contracts increased by 29.3 percent in Worcester, by 200 percent in Wicomico, and remained the same in Somerset.
Settlements were down slightly – by 3.5 percent – in the Tri-County area. Individually, single family home settlements were up by 15.6 percent in Worcester County and by 45.5 percent in Somerset, but were down by 42.7 percent in Wicomico. Condominium settlements were up by 16.3 percent in Worcester, but were down by 27.3 percent in Wicomico and by 100 percent in Somerset.
Inventory dipped back down in October, with the entire area seeing an overall 18.4 percent decrease in listings. Individually, single family listings were down by 25.7 percent in Worcester, but were up by 9.6 percent in Wicomico and by 14.3 percent in Somerset. Condominium listings were down by 33.2 percent in Worcester and by 50 percent in Somerset, but were up by 42.9 percent in Wicomico.
Days on market was down overall by 6.4 percent. Listing prices were up by 0.8 percent and sale prices were up by 1.7 percent.
“The dip in both inventory and days on market indicates increased market activity, which is encouraging and probably attributable in part to the mild fall we’re experiencing, which is favorable weather for house shopping,” said CAR President Joel Maher. “Settlements were only down very slightly, and pending contracts are up, so it’s shaping up to be a very active fall on the Lower Shore.”
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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