Lower Eastern Shore, Md. – The local real estate market is seeing increased pending contracts and settlements compared to last year, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
November 2017 saw a 7.7 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 22.4 percent in Worcester County, and remained the same in Wicomico and Somerset counties. Condominium contracts increased by 125 percent in Wicomico, and remained the same in Worcester and Somerset.
Settlements were up by 12.7 in the Tri-County area. Individually, single family home settlements were up by 31.7 percent in Worcester County and by 26.7 percent in Somerset, but were down by 11.4 percent in Wicomico. Condominium settlements were up by 14.3 percent in Worcester and by 125 percent in Wicomico, but remained the same in Somerset.
Inventory saw a healthy spike in November, with the entire area seeing an overall 19.9 percent increase in listings. Individually, single family listings were up by 27 percent in Worcester, by 9.1 percent in Wicomico, and by 35.3 percent in Somerset. Condominium listings were up by 21.8 percent in Worcester and by 42.9 percent in Wicomico, but remained the same in Somerset.
Days on market was down overall by one percent. Listing prices were down by 5.7 percent and sale prices were down by 4.6 percent.
“Although we are entering what is historically our slowest time of the year, as people turn their attention to the holidays and their families, that boost in local inventory could propel sales activity and have us wrap up 2017 on a high note,” said CAR President Joel Maher. “It’s great to see confidence among buyers and sellers. These numbers are a sign of a healthy market.”
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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