Lower Eastern Shore, Md. – The local real estate market kicked off the new year with a slight bump in inventory and a healthy boost in contract starts, according to the latest figures from the Coastal Association of REALTORS® (CAR).
January 2017 saw a one percent increase in new local listings compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, Worcester single family home listings increased by 14.1 percent, Wicomico decreased by 10.6 percent, and Somerset decreased by 12.5 percent.
New contract starts, or pending sales, increased overall by 23 percent compared to the same time last year. Individually, Worcester single family home contract starts increased by 3.1 percent, Wicomico increased by 37.1 percent, and Somerset remained steady. Worcester condominium contract starts also saw a boost of 25.8 percent.
Settlements in all three counties overall were down by five percent. Single family home settlements were down by 40 percent in Worcester and by 27.3 percent in Somerset. Single family home settlements were up by 6.3 percent in Wicomico. Condominium settlements were up by 24.1 percent in Worcester and by 100 percent in Wicomico. There were no condominium settlements in Somerset.
Days on market was largely down by five percent. Listing prices were up by five percent and sales prices were up by four percent.
“We saw a very slight inventory increase, but as those numbers continue to improve, we expect to see even more sales activity on the Lower Shore, particularly as buyers take advantage of continued historic low interest rates,” said CAR President Don Bailey. “We expect those increased contracts to turn into increased sales in the coming months, especially as the weather gets warmer and we start seeing more buyer traffic on the 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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