Lower Eastern Shore, Md. – A recent spike in contracts or pending sales points to a busy summer season, according to the latest figures from the Coastal Association of REALTORS® (CAR).
April 2017 saw an 11 percent overall increase 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 7.2 percent in Worcester and by 8.5 percent in Wicomico. They decreased by 6.2 percent in Somerset. Condominium contracts increased by 16.9 percent in Worcester and by 33.3 percent in Wicomico, and remained the same in Somerset.
Settlements were also up in April, with the Tri-County area seeing a 9.8 percent boost. Individually, single family home settlements were up by 13.5 percent in Worcester and by 21.6 percent in Wicomico. They were down by 33.3 percent in Somerset. Condominium settlements were up by 10.4 percent in Worcester and were down by 37.5 percent in Wicomico. There were no condominium settlements last month in Somerset.
Listings stayed down in April, with the exception of a 12.3 percent increase in Worcester single family home listings and a 50 percent increase in Wicomico condominium listings. Listings were down overall by 7.5 percent
Days on market were up overall by 18.2 percent. Listing prices were down 1 percent and sale prices were down 0.5 percent.
“Our members are very busy, which is a great sign of things to come,” said CAR President Don Bailey. “Those increased contracts will translate into increased settlements, as more and more people continue to recognize the value of investing in the beautiful Lower Eastern 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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