Lower Eastern Shore, Md. – The holidays on Maryland’s Lower Eastern Shore boasted a slight increase in real estate activity, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
December 2017 saw an overall one percent jump in single family home and condominium contracts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 5.3 percent in Wicomico County, decreased by 21.6 percent in Worcester County, and remained the same in Somerset County. Condominium contracts increased by 20 percent in Worcester and by 100 percent in Somerset, but remained the same in Wicomico.
Settlements were up overall by 2.2 in the Tri-County area. Individually, single family home settlements were up by 5.3 percent in Worcester County and were down by 3.9 percent in Wicomico and by 21.1 percent in Somerset. Condominium settlements were up by 8.3 percent in Worcester and by 40 percent in Wicomico, but were down by 100 percent in Somerset.
Inventory saw a small boost in December, with the entire area seeing an overall 5.7 percent increase in listings. Individually, single family listings were up by 14 percent in Worcester, and were down by 7.4 percent in Wicomico and by 59.1 percent in Somerset. Condominium listings were up by 34.3 percent in Worcester and by 100 percent in Somerset, but remained the same in Wicomico.
Days on market was down overall by one percent. Listing prices were up by 2.5 percent and sale prices were up by .4 percent.
“It’s great to see a boost in activity during a traditionally slow time of the year,” said CAR President Joel Maher. “It just goes to show that people are getting more confident – confidence to list their homes and confidence to invest in the Lower Shore by buying homes.”
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.