Lower Eastern Shore, Md. – This year’s spring real estate market is off to a busy start, according to the latest figures from the Coastal Association of REALTORS® (CAR).
March 2017 saw a 29.2 percent overall increase in single family home and condominium settlements compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home settlements increased by 32.7 percent in Worcester and by 20.5 percent in Wicomico. They decreased by 35 percent in Somerset. Condominium settlements increased by 53.9 percent in Worcester and by 20 percent in Wicomico. There were no condominium settlements in Somerset County last month, nor were they any in March 2016.
Contract starts in all three counties increased overall by 43.2 percent compared to the same time last year. Individually, single family home contract starts were up by 51.9 percent in Worcester and by 37.6 percent in Wicomico. They were down by 10.5 percent in Somerset. Condominium contract starts were up by 51.9 percent in Worcester, by 37.6 percent in Wicomico, and by 100 percent in Somerset.
As has been the case for much of the past year, listings were down in all three counties, with the exception of a 3.4 percent increase of single family home listings in Worcester. Overall, listings were down by five percent.
Days on market were up overall by 14 percent. Listing prices were up 7.2 percent and sale prices were up by seven percent.
“We’re finally starting to see those prices go up a little bit as the demand increases and inventory continues to decrease,” said CAR President Don Bailey. “It’s great to see such a robust increase in contracts and settlements compared to last year, despite increased interest rates and increased prices. People are becoming more confident in their ability to afford a home, as well as their ability to sell their home.”
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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