Lower Eastern Shore, Md. – Local home prices are down, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
February 2018 saw an overall 25.2 percent dip in single family home and condominium average sale prices compared to the same time last month in Somerset, Wicomico, and Worcester counties. Individually, single family home prices decreased by 29.9 percent in Worcester, by 20.3 percent in Wicomico, and by 43.7 percent in Somerset. Condominium sale prices increased by four percent in Worcester and decreased by 71.2 percent in Wicomico. There was no data available for Somerset condominium sale prices. Listing prices in all three counties also decreased by an overall 25.2 percent.
Inventory was down overall by 11.2 percent in all three counties compared to the same time last year. Individually, single family home inventory was down by 20.9 percent in Worcester and by 32.5 percent in Wicomico; but was up by 11.8 percent in Somerset. Condominium inventory increased by five percent in Worcester, by 66.7 percent in Wicomico, and by three percent in Somerset.
Contracts were down overall by 3.8 percent compared to the same time last year. Individually, single family home contracts were up by 8.5 percent in Worcester and by 20.5 percent in Wicomico; but were down by 20 percent in Somerset. Condominium contracts were down by 25 percent in Worcester and were up by 10 percent in Wicomico. There were no condominium contracts in Somerset.
Settlements were down overall by 21 percent compared to the same time last year in all three counties. Individually, single family home settlements were down by 39.6 percent in Worcester, by 19.4 percent in Wicomico, and by 53.3 percent in Somerset. Condominium settlements were up by 5.2 percent in Worcester and down by 42.9 percent in Wicomico. There were no condominium settlements in Somerset.
Days on market was down overall by 6.2 percent compared to January 2018.
“The local market slowed down a bit in February, which is relatively normal for this time of year,” said CAR President Joel Maher. “The decrease in prices definitely opens a good window for anyone who is considering buying anytime soon. This is also a good time to catch lower mortgage interest rates, which are increasing and are expected to surpass five percent by the end of the year.”
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®
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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