Lower Eastern Shore, Md. – The local real estate market is seeing increased inventory and pending contracts compared to last year, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
September 2017 saw a 14.2 percent jump 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 increased by 8.4 percent in Worcester County, by 13.7 percent in Wicomico County, and by 15.8 percent in Somerset County. Condominium listings increased by 20 percent in Worcester County and by 100 percent in Somerset County, while Wicomico County saw a 22.2 percent decrease.
Pending contracts were also up overall in the Tri-County area by 26.5 percent. Individually, single family home contracts were up by 38.6 percent in Worcester County and by 33.3 percent in Somerset County, but were down by 1.2 percent in Wicomico County. Condominium contracts were up by 35.1 percent in Worcester County, by 57.1 percent in Wicomico County, and by 100 percent in Somerset County.
Settlements were largely down in all three counties by 17.3 percent. Individually, single family home settlements were down by 17.9 percent in Worcester County, by 17.2 percent in Wicomico County, and by 45.5 percent in Somerset County. Condominium settlements were down by 12.8 percent in Worcester County and by 14.3 percent in Wicomico County, but were up by 100 percent in Somerset County.
Days on market was up overall by 26.7 percent. Listing prices were up by 15 percent and sales prices were up by 13.5 percent.
“This is a great way to kick off the fall season,” said CAR President Don Bailey. “The inventory increase could bring out many would-be buyers from earlier in the year who postponed their search due to low supply, and that combined with increased listing prices makes this a very good time to put a home on the market. Check CAR’s website for a directory of REALTORS® who can help you navigate your sale or purchase.”
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.
MEDIA CONTACT: Sarah Rayne / 410-641-4409 / email@example.com