Lower Eastern Shore, Md. – A more than 25 percent drop in available housing inventory on Maryland’s Lower Eastern Shore has led to higher list and sale prices, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
As of the end of July, there were 2,666 available residential units on the Shore. In July 2017, there were 3,582 available units, which is a 25.5 percent drop. Individually, active listings are down by 30 percent in Worcester County, by 25.5 percent in Wicomico County, and by 10.6 percent in Somerset County.
New listings in July saw a 3.5 percent bump compared to the same time last year across the Shore. Individually, new listings were up by 1.1 percent in Wicomico and by 85.7 percent in Somerset, while they were down by 5.7 percent in Worcester.
With limited inventory comes multiple offers and increased prices. The median list price for the Shore is $189,900, which is 18.8 percent higher than this time last year. The median sale price is $160,000, which is 11.8 percent higher than this time last year.
Settlements are down slightly compared to July of last year, with new settlements being 8.7 percent lower and Year to Date (YTD) settlements being 7.6 percent lower. Individually, new settlements throughout July were down by 6.3 percent in Worcester and by 13.6 percent in Wicomico, while Somerset saw a 4.3 percent increase.
The homes that are selling are leaving the market faster, as the median Cumulative Days on Market (CDOM) for the Tri-County area was almost 50 percent lower in July, compared to the same time last year. Individually, CDOM decreased by 49.1 percent in Worcester and by 36.8 percent in Somerset. CDOM increased by 28.6 percent in Wicomico.
“Limited local inventory is driving our numbers down across the Shore, as it’s done for the past few years,” said Coastal President Joel Maher. “However, we are still very busy because there is definitely a demand for housing in our area. Also the market is very competitive, which is great for our industry.”
Coastal’s monthly local housing statistics are pulled from the Bright Multiple Listing Service, which represents the activity of over 1,000 local REALTORS® in Somerset, Wicomico and Worcester counties, as well as 85,000 real estate professionals across the Mid-Atlantic. The Bright MLS service area includes Maryland, Delaware, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.
Visit www.coastalrealtors.org for more information.
More about Coastal Association of REALTORS®
The Coastal Association of REALTORS® is fortunate enough to represent over 1,000 real estate professionals in Somerset, Wicomico, and Worcester Counties. These members are engaged, informed, and active in their communities. They support the American dream of homeownership, as well as the purchase and use of all types of real property. They are local. They are accurate. They are trusted. They are REALTORS® and affiliate members.
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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