Lower Eastern Shore, Md. – Low inventory numbers are driving up sale prices and creating an attractive sellers’ market, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
March 2018 saw an overall 2.7 percent dip in single family home and condominium listings compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home listings decreased by 3.3 percent in Wicomico and by 3.7 percent in Somerset, but increased by 10.6 percent in Worcester. Condominium listings decreased by 7.4 percent in Worcester, by 26.7 percent in Wicomico, and by 42.9 percent in Somerset.
These lower inventory numbers are driving up average sale prices, which increased overall by 17.6 percent in all three counties. Average list prices were up by 18.4 percent.
Contracts were down overall in the Tri-County area by 3.8...