Lower Eastern Shore, Md. – The second quarter of 2018 kicked off with increased housing inventory, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
April 2018 saw an overall 4.6 percent increase in residential listings, compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home listings increased by 3.4 percent in Wicomico and by 3.6 percent in Somerset, but decreased by 5.8 percent in Worcester. Condominium listings increased by 11.5 percent in Worcester and by 66.7 percent in Wicomico, but were down by 50 percent in Somerset.
Contract starts were also up, showing a 2.5 percent increase in April throughout the Tri-County area. Individually, single family home contracts remained the same in Worcester, and increased by 2.9 percent in Wicomico and by 86.7 percent in Somerset. Condominium contracts increased by 36.4 percent in Wicomico and by 100 percent in Somerset, but decreased by 8.7 percent in Worcester.
Settlements were down overall by 23.4 percent in all three counties. Individually, single family home settlements were down by 43.8 percent in Worcester, by 16.2 percent in Wicomico, and by 18.7 percent in Somerset. Condominium settlements were down by 18.1 percent in Worcester and up by 100 percent (from five to 10 settlements) in Wicomico. There were no condominium settlements last month in Somerset.
Days on market decreased overall by 38.3 percent. Listing prices decreased by two percent and sale prices decreased by 2.2 percent.
“April’s settlement numbers may not show it, but our members are so incredibly busy right now,” said Coastal President Joel Maher. “They are listing and showing properties, drafting contracts, making connections and so much more. I would not be in the least bit surprised if those settlement numbers saw a drastic increase this month, as more deals are closed, and more buyers take that final leap into homeownership here on the Eastern Shore.”
Coastal’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®
The Coastal Association of REALTORS® is fortunate enough to represent over 1,000 real estate professionals in Somerset, Wicomico, and Worcester Counties. These members are engaged, informed, and active in their communities. They support the American dream of homeownership, as well as the purchase and use of all types of real property. They are local. They are accurate. They are trusted. They are REALTORS® and affiliate members.
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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