Lower Eastern Shore, Md. – Local REALTORS® saw a spike in market activity throughout July, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
July 2017 saw a four percent overall increase in single family home and condominium contract starts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 16.9 percent in Worcester County, by 19.8 percent in Wicomico County, and by 64.3 percent in Somerset County. Condominium contracts increased by 4.7 percent in Worcester County, but decreased by 22.2 percent in Wicomico County and by 100 percent in Somerset County.
Settlements were also up overall in the Tri-County area by 2.5 percent. Individually, single family home settlements were down by 6.6 percent in Worcester County and by 5.3 percent in Somerset County, but were up by 14.8 percent in Wicomico County. Condominium contracts increased by four percent in Worcester County, stayed the same in Wicomico County, and decreased by 100 percent in Somerset County.
The number of overall listings reported in all three counties remained exactly the same as last year. However individually, single family home listings were down by 15.5 percent in Worcester County, by 5.4 percent in Wicomico County, and by 24 percent in Somerset County. Condominium listings were up by 13.8 percent in Worcester County, by 275 percent in Wicomico County, and by 33.3 percent in Somerset County.
Days on market was down overall by 48.5 percent. Listing prices and sale prices were both down by six percent.
“We are hearing from members all over the Lower Eastern Shore that they are very busy this summer,” said CAR President Don Bailey. “Contracts and settlements are both up from last year, inventory continues to decline in most areas, and days on market is down considerably. The local market is buzzing with activity and we expect the momentum to keep going throughout the remainder of the season.”
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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