Lower Eastern Shore, Md. – Despite January’s frigid temperatures, local real estate activity remained steady, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
The first month of 2018 saw an overall 12.9 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 35.4 percent in Wicomico County, but decreased by 1.6 percent in Worcester and by 6.7 percent in Somerset. Condominium contracts increased by 7.4 percent in Worcester County and by 200 percent in Somerset County, but decreased by 33.3 percent in Wicomico.
Settlements were up overall by 0.5 percent in the Tri-County area. Individually, single family home settlements increased by 88.9 percent in Somerset, but decreased by five percent in Worcester and by 11.9 percent in Wicomico. Condominium settlements were up by 66.7 percent in Wicomico and by 200 percent in Somerset, but were down by 5.8 percent in Worcester.
Inventory saw a slight dip in January, with the entire area seeing an overall 2.7 percent decrease in listings. Individually, single family home listings were up by 11.7 percent in Wicomico, remained the same in Somerset, and decreased by 14.3 percent in Worcester. Condominium listings were up by 66.7 percent in Wicomico and by 100 percent in Somerset, but were down by 9.5 percent in Worcester.
Days on market was up overall by 22.8 percent. Listing prices were up by 8.6 percent and sale prices were up by 10 percent.
“It’s good to see that January’s frigid temperatures and wintry conditions didn’t impact the market too much,” said CAR President Joel Maher. “We’re definitely seeing more of a demand on the Lower Eastern Shore. Hopefully our inventory numbers will begin to pick up again so local buyers are able to find the home that meets their wants and needs.”
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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